More than one in ten British homeowners will use prevailing market conditions to pay off their mortgage ahead of schedule, new research reveals.
A large number of Britons will be in a position to pay off their mortgage within a decade, according to a new study from First Direct.
The firm revealed that 11 percent of homeowners will be able to take advantage of prevailing market conditions - including low interest rates - in order to pay off their home purchase loan early. Almost a quarter of mortgage customers will be able to pay off their loan within ten years, while this proportion could reach more than a third if borrowers are savvy with their finances, First Direct claimed.
"For many, a mortgage represents the biggest debt they will ever have - the typical householder will have five mortgages over their lifetime, which is a massive commitment," said Jimmy Kelly, a spokesman for the company. "By making sound financial decisions and choosing a flexible mortgage such as an offset, freedom can be closer than ever before."
The study also found that being relieved of mortgage payments is described by many Britons as "freedom". Nearly six in ten cited paying off the mortgage as freedom, above other landmarks such as retiring (42 percent), travelling abroad (46 percent) and hiring domestic staff (22 percent).
