Mortgage overpayments soar 50% as base rate plummets

The number of home owners making overpayments on their mortgages has gone up by 50% in the last year, figures from The Co-operative Bank Mortgages reveal.

A separate poll of 1,000 adults from the bank unveils the reasons borrowers are overpaying.

The low return on savings emerged as a major factor for borrowers increasing their mortgage payments, with 80% of those polled stating this to be the case.

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

Of those not overpaying, 24% of borrowers are choosing to defy the credit crunch and spend excess money on holidays and clothing.