Over one in ten Brits 'will pay off their mortgage early', finds first direct

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Over one in ten Brits 'will pay off their mortgage early', finds first direct

Wed 27th May 2009

Research from first direct has indicated that more than one in ten, or 11 per cent, of British homeowners looks set to pay off their mortgage within the next ten years as they take advantage of the current economic climate.

These early repayments are being spurred on by the record low interest rates currently being experienced in the UK.

Furthermore, the survey discovered that with smart money management, the 24 per cent on course to pay off their mortgages within the next decade could rise to 35 per cent.

The first direct poll also found that the typical time between taking out a mortgage and owning the property has been reduced from 32 to 30 years within the last decade.

Jimmy Kelly, spokesman for the firm, said: "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."

However, the triumph of paying off a mortgage may be shadowed by a break-in for the one in ten Brits who have no home and content insurance, according to Halifax Home Insurance.

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