Intelligent Finance: Self-service mortgages suit more borrowers

02 April 2007
Almost three-quarters of mortgage customers would like to reduce their mortgage term or increase their mortgage payments to reduce the repayment balance over time, Intelligent Finance has found.

It believes its study shows that self-service mortgages are suited to increasing numbers of customers, as more and more seek flexibility in the way they repay their mortgage.

"We now have a new generation of mortgage holders who […] want more flexibility and the option to pay off their mortgage as soon as possible, rather than go on borrowing into old age," stressed Intelligent Finance managing director Mark Parker.

What is more, these borrowers are increasingly responsible and financially aware when they choose their mortgage product, he added, looking in a comprehensive way at the full mortgage package instead of simply examining the headline rate.

His comments confirm the findings of the Intermediary Mortgage Lenders' Association, which recently suggested that self-certification mortgages are a viable option for growing numbers of people thanks to increasingly unconventional employment patterns, with workers taking on multiple jobs and freelance consultancy work.

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