Either through over-paying on their mortgages to taking advantage of low interest rate deals, 52% of homeowners believed that by becoming mortgage free their lives would be extremely better.
Continuing in their findings, The Co-operative Bank also revealed:
- 52% would take more holidays
- 31% would turn their attention to saving more for retirement
- 27% would change their working lives by either quitting work or reducing their hours to part-time
Whilst 31% of those surveyed cited that they aimed to reduce the term of their mortgage through overpaying every month, a further 21% planned to take advantage of the low interest rate environment whilst 13% planned to utilise more of their disposable income which has come as a result of reductions in their mortgage rate.
And banks too appear to be jumping on board with this desired goal, offering pilot schemes that will enable their existing clients to pay off their mortgage faster.
The Co-operative Bank themselves currently allow customers - on their initial mortgage deal period - to pay an extra 10% on their mortgages without incurring any penalties. However in recent months, they have launched a scheme which gives homeowners the option to make additional repayments of up to 50% of their entire mortgage!
Original Article
More About the Author
Fraser Stirling, Property Mentor DelegateNo matter what the media wants you to believe, property is still the only investment route where you can benefit from an asset that will NEVER go into zero value. Even when I was university I admired properties ability to withstand the economic elements and stay strong, even when other investment forms faltered or failed. X years on, I am now the proud owner of multiple property investments - one of which earns a passive income of £4,680 and my property portfolio is still expanding. Read more
Posts
No comments:
Post a Comment