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Poor value savings products boost mortgage overpayment

The number of home owners making overpayments on their mortgages has gone up by half in the past year, figures from Co-operative Bank Mortgages reveal.

Meanwhile, a separate poll of the bank’s customers has thrown light on the reasons why many borrowers are overpaying.

The low level of returns on savings products emerged as a major factor for borrowers increasing their mortgage payments, with 80% of those polled claiming this was the case.

Some 37% of home owners are paying more off their mortgages because of falls in the base rate.

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