How homeowners are cashing in on historically low interest rates
Millions of homeowners are benefitting from the historically low Bank of England base rate of 0.5 per cent by overpaying on their mortgages.
According to recent figures by the Council of Mortgage Lenders (CML), 2.3 million, or 34 per cent of, mortgages between April 2005 and March 2012 have more paid off more than the contractual amount.
The Bank of England base rate has remained at the historically low rate of 0.5 per cent since March 2009 therefore allowing borrowers to accumulate a greater stake in their property and minimise the impact of possible future mortgage rate rises.
Content correct at time of publication