Homeowners seeking loan refunds may be interested to hear that 84 per cent of Brits are missing out on the opportunity to finish paying their mortgage early by not making overpayments. Research by Barclays has revealed that just ten per cent of homeowners are currently overpaying on their mortgages. The bank is urging consumers to begin making overpayments while interest rates are still low. Andy Gray, head of mortgages at Barclays, said: "We are still experiencing low interest rates and mortgage affordability is at its best levels for more than a decade so we would urge borrowers who can afford it, to start overpaying now, as putting an extra £100 to their mortgage each month will pay off their mortgage four years earlier and reduce the amount of interest that is paid." Mr Gray's comments were echoed by Catherine Hearnden, director at MyMortgageDirect, who recently said that consumers should review their mortgage deals on a regular basis. She said that many people opted for interest-only mortgages at a time when they should be making overpayments. Samantha Clarke Samantha is a former banking assistant and has over ten years experience in retail banking.
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