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Financial Services > Mortgages > Mortgages News
Summer puts the heat on mortgages, providers say

Wed, 19 Jul 2006

A mortgage provider has launched a new campaign to reduce the amount consumers pay on their mortgages.

The One account states that as the summer season gets under way, Britons might be thinking about slimming down as they walk on the beach.

However, their mortgages can be reduced too via the new 'Mortgage Shrinker', which is an online tool that calculates the degree to which people can cut down their repayments.

This is done by calculating the amount to be saved on interest borrowings in the mortgage term and how much can be saved on a current account mortgage in comparison with a traditional mortgage.

Deborah Milsom, a spokesperson for the lender, commented: "We know that many people who choose a current account mortgage have a 'Eureka moment' when everything falls into place as they work out how it applies to their own set of circumstances.

"We think the 'Mortgage Shrinker' will help more people have their own 'Eureka moment'."

Recent research from The One found that 30 per cent of homeowners say they do not have the lifestyle they aspire to because their mortgages get in the way.

Furthermore, 40 per cent their fitness was suffering, while 30 per cent suggested they ate less healthily as a result of their mortgages.

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