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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.
“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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