An expert has offered advice on keeping up with mortgage payments
By Vicky Shaw, PA Personal Finance CorrespondentHomeowners will often find that their biggest monthly outgoing is their mortgage, and new research has shown that a significant number of people are worried they will not be able to afford payments as the cost of living crisis continues.
Over a third would consider paying to exit their mortgage deal early, with the average homeowner prepared to fork out £2,310 to do so, if it meant fixing into a better rate for longer. Two in five say they’ll need to cut back elsewhere to be able to keep up payments, according to Opinium. Graham Sellar, head of business development- mortgages at Santander UK said:"When customers are maturing on their two-year fixes and their five-year fixes now, the vast majority of customers will pay more money on their new rate.
Those who’ve managed to hold onto savings built up during lockdown may want to make some overpayments to their mortgage, to reduce the balance and perhaps keep monthly payments down.
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