People seeking out loan refunds may like to check the conditions of their mortgages to see if they are able to overpay. Catherine Hearnden, director at financial advisory company MyMortgageDirect, has suggested that people should review their mortgage regularly to make sure they are getting the best deal. She claims that people took interest-only mortgages at a time when they should be making overpayments or switching to repayment. "The people who don't overpay are the ones who think, 'This is great. Let's have a cheap mortgage and do all of the other things that we want to do'. "People don't take it seriously because if they are in the first five years of a 25-year mortgage, it doesn't seem important," she said. According to Ms Hearnden, some lenders allow overpayments of between five and ten per cent a year, but that it is worth checking the conditions. The Council of Mortgage Lenders recently reported that there was a 26 per cent fall in house purchase lending in January. Amir Hussain Amir specialises in personal loans, consumer debt and debt management.
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