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Loan protection news: Mortgage holders are 'lacking awareness'

Many homeowners across the UK - some of whom may have a loan protection policy in place - are unaware of the terms of their mortgage.

According to new research published by first direct, 42 per cent of people are regularly putting money aside for a rainy day, but just 21 per cent overpay on their mortgages each month.

This could be a mistake, as paying off a home loan early is the best solution in the long run due to fluctuating interest rates.

Senior mortgage manager at the organisation Richard Tolchard said that many people lack awareness when it comes to the terms of their home loan.

Indeed, the study showed that 42 per cent did not know about the over payment limit on their deal, while nearly a third said they had no clue what interest they were paying on the mortgage.

A recent study conducted by YouGov on behalf of Shelter revealed that 22 per cent of people have cut their energy consumption in order to meet mortgage repayments.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801279918-ADNFCR

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