New research from Clydesdale and Yorkshire Banks released this month shows that people in the UK remain focused on their finances, with more than one in ten planning to remortgage, pay-off or make over-payments on their mortgage in the next twelve months.
People in the Midlands are most likely to review their mortgage arrangements, with 17% planning to remortgage, make over-payments or pay off their mortgage. This compares with 6% of those in the North East.
Steve Reid, Retail Director for Clydesdale Bank commented:
“A mortgage is the biggest financial commitment that many people have and we welcome this research which shows that 11% are focused on their mortgage arrangements.”
The majority of people (51%) plan to stay in their current property for the next year. 23% stated that nothing would encourage them to move, and 30% would only move out of necessity such as a change of job or family addition.
Those in the East are most content, with 29% stating that nothing would encourage them to move. This compares with 14% in Scotland.
24% of people plan to improve or extend their property over the next year.
Steve Reid commented:
"People often only think about changing mortgage when they move but even those that are very settled in their current home can remortgage to ensure they have the best mortgage for their needs."
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