Homeowners aim to be mortgage free by 50

Nearly two- thirds of UK mortgage holders are committing to debt management so they can be mortgage-free by the time they reach 50, according to new research.

Findings from Co-operative Bank Mortgages reveal that 62 per cent of homeowners have set this target – and just over a half (52 per cent) would use the extra money to go on more holidays.

Almost a third of people would save more for retirement (31 per cent) and a quarter of people are looking at changing their working lives by either finishing work or moving to part time hours (27 per cent).

So with these grand plans in mind, many people have been making mortgage overpayments, with the top reason cited as reducing the term of the mortgage (31 per cent).

James Hillon of the Cooperative Bank says: "The research clearly shows that many mortgage holders are looking to take advantage of the low interest rate environment by making overpayments."

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