Mortgage-free the goal for two-thirds of Brits

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Mortgage-free the goal for two-thirds of Brits

Paying off their mortgage in full before turning 50 is the ambition of 62 per cent of property owners, according to research from the Co-operative Bank.

With so much extra cash to spare, respondents also gave their ideas on what they would do with their money.

Going on holiday more often was the ambition of 52 per cent of homeowners, while using the money to fund a more comfortable retirement was the second most popular response with 31 per cent.

James Hillon, head of mortgages at the Co-operative Bank, said: "The research clearly shows that many mortgage holders are looking to take advantage of the low interest rate environment by making overpayments."

Taking advantage of reduced rates has benefitted 21 per cent of consumers who have made overpayments, while 13 per cent have put their extra disposable income back into paying off their mortgage.

The plans to save some cash echo the results from earlier research carried out by the company, which found that 75 per cent of women were planning to stop making impulse purchases this year.

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