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The Easter long weekend is the perfect opportunity for borrowers to re-evaluate their mortgage, according to one brokerage.
Mortgage Choice spokesperson Jessica Darnbrough said that with interest rates at historical lows, any extra money a borrower can contribute to their monthly repayments makes a greater difference than if the same amount was paid off with a higher interest rate - and with a few days' down time, borrowers could benefit from looking at their figures to see whether they are taking full advantage of this.
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“We are hearing from our mortgage brokers around the country that a large number of current borrowers are not thinking about how to best use the current rate environment to their advantage,” Ms Darnbrough said.
“Making deeper inroads now will make a big difference in interest and time spent repaying the loan."
With the future of rates very much uncertain, Ms Darnbrough said now is a great time for borrowers to start paying off their mortgage faster.
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