The Equity Release Council (ERC) recently released a report showing that homeowners in the UK are making record overpayments on their mortgages in 2022. This is a positive sign for the housing market, as it shows that homeowners are taking advantage of low interest rates and are actively trying to pay off their mortgages faster.
The report found that the average overpayment made by homeowners in 2022 was £2,000, which is a significant increase from the previous year. This is a sign that homeowners are taking advantage of the current economic climate and are taking steps to reduce their mortgage debt. The report also found that more than half of all homeowners in the UK are making overpayments on their mortgages, which is a significant increase from the previous year.
The report also showed that homeowners are making larger overpayments than ever before. The average overpayment made by homeowners in 2022 was £4,000, which is double the amount made in 2021. This shows that homeowners are taking advantage of low interest rates and are actively trying to pay off their mortgages faster.
The report also found that more than half of all homeowners in the UK are making overpayments on their mortgages. This is a positive sign for the housing market, as it shows that homeowners are taking advantage of low interest rates and are actively trying to pay off their mortgages faster.
Overall, the report from the Equity Release Council shows that homeowners in the UK are making record overpayments on their mortgages in 2022. This is a positive sign for the housing market, as it shows that homeowners are taking advantage of low interest rates and are actively trying to pay off their mortgages faster. The report also found that more than half of all homeowners in the UK are making overpayments on their mortgages, which is a significant increase from the previous year. This shows that homeowners are taking advantage of the current economic climate and are taking steps to reduce their mortgage debt.