Low rates boost mortgage payments

Press Association

One third of mortgages taken out since 2005 have been overpaid, with homeowners making a total of £31 billion in extra payments, the Council of Mortgage Lenders (CML) has found.

The lending body said that almost four years of record low interest rates has helped many borrowers to build up larger amounts of equity in their homes - which will also soften the blow for homeowners when rates eventually go back up again.