UK bank Abbey National has launched an interactive e-mortgage service to enable customers to refinance their home loan payments online.
The service's interactive ‘Show Me’ facility will immediately calculate the effect that overpaying, underpaying, making a lump sum payment or taking a payment holiday will have on a mortgage term. It will then instantly show the difference that any of the choices will make to mortgage repayments.
By using the service, customers will be fully aware of the impact of their decision before going ahead with a mortgage payment change, says the bank.
Research from Abbey National reveals that 83 per cent of recent homebuyers do not anticipate spending 25 years paying off their mortgage.