Mortgage stress claims overdone

Seventy two per cent of mortgagees are not planning to reduce their mortgage repayments to match recent interest rate cuts according to an online survey of 1,000 people by mortgage broking group Mortgage Choice. "It seems that the reports about mortgage stress are a little overdone," said Mortgage Choice managing director Paul Lahiff yesterday. Job security has overtaken interest rates as the main concern of respondents with a mortgage said Mortgage Choice. Less than half of respondents said they would make changes to their savings plan as a result of the credit crunch with just ten per cent withdrawing all their savings and reinvesting elsewhere.

Source: Investor Daily