It’s More Rewarding to Pay Off Mortgage than to Save

The latest research by First Direct bank showed that many Brits choose to save instead of paying off debts regardless of the recommendations by financial advisers.

Even though numerous reports suggest that it's more rewarding to pay off mortgage loans while the interest rates are low, only 21% of those questioned by First Direct said they overpay on mortgages.

Further 42% of respondents said they save regularly despite the low savings rates offered by banks.

Commenting on the findings, Richard Tolchard of First Direct, said: "People continue to try to put some money to one side and mortgage holders are no different in also wanting to pay down their loan."

Let's remind that earlier What Mortgage reported that Brits do understand that low mortgage interest rates won't last forever as they tend to opt for longer-term mortgage loans.

The detailed report is available on the official website of First Direct.