Mortgage Debt: 1 in 10 to Pay Off Mortgage Early
One in 10 homeowners are expected to pay off their mortgage debt ahead of schedule due to the current conditions in the marketplace. Many are looking to make additional payments to their mortgage in order to take advantage of record low interest rates.
A study by First Direct, has revealed that more people are looking to clear their mortgage debt as quickly as possible. Out of the 24% of homeowners who are due to pay off their mortgage debt in the next 10 years, this figure could rapidly increase to 35% if they can manage their finances intelligently.
Jimmy Kelly, spokesman for the company, comments: “The average Brit now steps on to the housing ladder at the age of 34, compared to 29 in the 1970s – the aspiration to reach freedom day as early as possible has never been stronger… By making sound financial decisions and choosing a flexible mortgage such as an offset, freedom can be closer than ever before.”