We all want to be mortgage free at fifty

We all have a dream that as we approach our ‘autumn’ years, we will no longer be a slave to our mortgage. We want to have the disposable income to spend as we wish, travelling, hobbies or simply having the luxury to choose.

 

The co-operative bank has found in its research that 62% of UK consumers aim to become mortgage free by the time they reach the age of fifty.

With the mortgage paid off, the main objective of 52% of those surveyed was to enjoy more holidays.

 

Nearly a third (31%) said that the extra cash would be saved for their retirement, a quarter (27%) said that they would work fewer hours, or even work part-time.

Overpayments are being made with the goal in site of clearing the mortgage. Many are taking advantage of the current low interest rates.