That is the view of new analysis from online mortgage firm mform.co.uk, which says repayment rates are comfortably outstripping interest rate rises.
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According to the study, average mortgage capital repayments increased by 69 per cent between 2001 and 2006, while the interest repayments went up by around 33 per cent in the same time.
Eamonn Rice, mform.co.uk chief executive, said the study suggested consumers were keen to clear up their debts amid rising interest rates.
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“These findings are encouraging because although interest repayments are rising people are increasingly trying to pay off the capital they owe on their homes with the aim of becoming mortgage free as quickly as possible,” he said.
Mr Rice added borrowers should shop around to get a “really competitive mortgage interest rate” in order to pay off more of their capital.
The figures come after a recent Council of Mortgage Lenders study revealed a rise in popularity of interest-only mortgages, sparking concerns about the ability of borrowers to repay their loans.
Almost a quarter of a million such mortgages were issued last year, a rise of more than 33 per cent.
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