This survey was undertaken during the months of April & May 2009 to existing mortgage holders. Its purpose was to examine how mortgage holders, who have benefited from reductions to their monthly mortgage repayments, have managed those savings.
Mortgage savings managed as follows:
(Respondents selected more than one option)
Commenting on the findings, Mr. Frank Conway, Director with Irish Mortgage Corporation said, “The results show that borrowers are being prudent and very conservative with their money. Putting money into a savings account, paying off loans and paying down their existing mortgage is a very common theme. However, interestingly and despite the economic gloom or perhaps because of it, many respondents are determined to take their summer holidays and are using some of the savings from their mortgage repayments to pay for it. It appears that summer holidays have become an important part of ‘family time’ which many people are not about to give up”
Another theme to come out of this survey is one of humility with many respondents planning to make some donation to charity.
“A full 21% of respondents say that they intend giving some form of donation to charity. This is an astonishing number. What is more interesting is that in 2005 and 2006, we conducted a similar survey among SSIA savers and when asked how they planned to use their windfall, charitable donations featured much lower. In 2005, only 1.4% of people intended giving some of their savings to a charity. In 2006, this had risen to 3.6%. It would appear that the current economy, while dreadful, may be making us all a little more caring,” said Mr. Conway.
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