Brits want to be mortgage-free by age 50
Paying off the mortgage in full before they reach age 50 is the goal of nearly two thirds of Brits.
Research by the Co-operative Bank found 62% of UK consumers aim to be mortgage free by their 50th birthday.
Once their mortgage is paid off, the main goal of those surveyed was to take more holidays, with 52% saying they are planning to do this.
Nearly a third (31%) said they’d use the extra cash to save for retirement, while over a quarter (27%) said they’d spend less time at work by switching to part-time hours.
The research also found that many mortgage holders are making overpayments with the goal of paying off their mortgage early.
The Co-operative believes the current environment of low interest rates is behind the rising number of people making overpayments on their mortgage.
“The research clearly shows that many mortgage holders are looking to take advantage of the low interest rate environment by making overpayments,” said James Hilton, head of mortgages at the Co-operative Bank.