New research from Clydesdale and Yorkshire Banks has shown that people in the UK remain focused on their finances with more than 1 in 10 planning to remortgage, pay-off or make over payments to their mortgage in the next 12 months.
People in the Midlands are most likely to review their arrangements, with 17 per cent planning to remortgage, make over payments or pay-off their mortgage compared to just six per cent in the North East.
Steve Reid, retail director for Clydesdale Bank, said: “A mortgage is the biggest financial commitment that many people have and we welcome this research which shows that 11 per cent of people in the UK are focused on their mortgage arrangements.”
“Our fee free mortgage offer is designed to help people find the correct mortgage to suit their individual needs without having to pay an arrangement fee.”
The research also highlighted that the majority of people (51 per cent) are planning to stay in their current property for the next 12 months. Almost a quarter (23 per cent) are very settled stating that nothing would encourage them to move while a further 30 per cent would only move out of necessity such as an addition to the family or change of job.
Those in the East appear to be the most content with 29 per cent stating that nothing would encourage them to move compared to just 14 per cent in Scotland.
Although people are happy in their homes almost a quarter (24 per cent) still plan to improve or extend their property over the next 12 months.
Steve Reid added: “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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