Consumers view finances ‘holistically’

An increasing number of homeowners want to reduce their mortgage term, new figures reveal.

Research by Intelligent Finance indicates that about a third of consumers claim that making mortgage payments is their biggest financial concern.

As a result, some three quarters of Britons claim that, if given the option, they would reduce their mortgage term, which could see them pay of their home loan quicker.

Managing director Mark Parker said: "We now have a new generation of mortgage holders who view their finances holistically and want more flexibility and the option to pay off their mortgage as soon as possible, rather than go on borrowing into old age."

Meanwhile, more than 50 per cent of mortgage holders said they would be interested in opting for a self-service mortgage facility.

Last week, a study by MoneyExpert revealed that by choosing an interest-only mortgage, consumers could save up to £238 a month on the cost of their home loans.

Interfinancial providing you with breaking homeowner loan news.