One Penny Mortgage and a Potential Opportunity

James on the Ask Owen Group Blog asked :-

I read in the news about that couple who’ve ended up paying 1p a month on their mortgage (and they only pay that because it’s the lowest number the bank’s computers can handle)….that sounds great but surely they needto be saving that money to pay it off the equity on the house.
 
I know we are meant to take the cash from all these rate cuts and go out and spend, spend, spend but surely getting your house paid off should be a priority.

Regards
James

Owen Replies:

James – I thought exactly the same thing when I read that story. What a great opportunity to drive the size of their mortgage down much more quickly. I have personally put up my mortgage repayments recently to take advantage of these uniquely low rates.

Regards
Owen Woodley
Deputy CEO
Moneyway

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