Repayment advice offered to homeowners

Homeowners have been offered some tips on how to work towards becoming debt free in the future.

Peter Bolton King, chief executive of the National Association of Estate Agents, advised that people should overpay on their mortgages if they can afford it, in order to lower the amount owed to lenders.

He urged borrowers to take a look at their “overall finances” to decide if they can spare the money to make overpayments.

Property owners should take the opportunity to do this while interest rates are low, Mr Bolton King recommended, adding that rates will rise again at some point.

In addition, ClearDebt has advised that lower mortgage payments offer borrowers the opportunity to reduce “very expensive credit card balances”.

The organisation explained that cutting the debt that costs people the most interest first can “often be the best option” for those looking to tackle finances.

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