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Mortgages more of a concern than looks

19th April 2005 | back to article listings BACK    print this article PRINT

New reports from First Direct reveal that people in the UK are increasingly concerned over their mortgages and mortgage repayments, with three quarters more willing to reduce their mortgages than improve their appearance.

However, while homeowners in every age group between 18 and over 65 care more about the their mortgage, many do not know how to reduce it.

One in three (32 per cent) admitted they had no idea how to cut their mortgage term.

"It is remarkable that so many more people would rather be mortgage free than wrinkle free," commented first direct's chief executive, Richard Kimber.

"But it is unlikely to happen if they do not know what action to take to clear their home loan as quickly as possible."

The survey also found that the Welsh are the most interested in clearing their mortgage early (90 per cent), while those in the East Midlands are most tempted by a youthful appearance (37 per cent).

As for making extra repayments, a quarter (26 per cent) said they would save up and pay off a lump sum.

Only eight per cent would economise to enable them to afford higher monthly repayments; and less than one in ten (eight per cent) realise that offsetting could take years off their home loan.

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