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Over 60% of homeowners 'aim to be mortgage-free by 50'
Nearly two thirds of homeowners in the UK want to be mortgage-free by the time they hit 50 years of age, according to new research.
The study by the Co-operative Bank Mortgages found that 62 per cent of mortgage holders have the aim, with 52 per cent hoping that the aspiration will allow them to enjoy more holidays.
Others also intend to save more for their retirement, enjoy meals out and work part-time.
James Hillon, head of mortgages at the Co-operative Mortgages, said homeowners could be able to take advantage of low interest rates by making overpayments.
He added: "Since the launch of our capital repayments pilot scheme we have had a significant interest from customers and as a result we are continuing to monitor the scheme in detail, with a view to looking at rolling out the scheme to more customers if successful."
Recent research by the Council of Mortgage Lenders revealed that the number of homeowner loans given to first-time buyers in the UK reached a two-year high in December.