New research from the Clydesdale Bank has revealed that over half of Scottish homeowners are concerned about repayments and fifty-seven per cent said if they were buying a new property they would seriously consider a mortgage that did not require them to meet a rigid payment every month.
The survey found that twenty-two per cent of Scottish homeowners would consider switching to a flexible mortgage, with one in two saying they want to pay off their mortgages as soon as possible due to concerns about long-term job security.
Paul O’ Fegan, general manager of personal financial services at Clydesdale Bank, said: “This research has given us a heightened understanding of homeowners’ evolving needs in a weakened economy.”
The independent study was commissioned by Clydesdale Bank as part of the development of its Rapid Repay flexible mortgage which was launched today.
The capital and interest repayment current account mortgage offers flexible payments, equity release and access to cheaper borrowing.
Interest is paid at a variable rate, currently 5.74 per cent, with a minimum loan amount of £40,000 for loans up to 90 per cent of the property value.
“Homeowners can cut the term of an average mortgage in half and save thousands of pounds in unnecessary interest as every penny earned immediately starts to reduce their loan,” said O’Fegan.
