Two-thirds aim to pay off mortgage by 50

TWO-THIRDS of homeowners are aiming to have paid their mortgage by the age of 50, according to research. Just over half of those said they would use the extra cash to take more holidays, while 31 per cent intended to save more for retirement, a survey by Co-operative Bank Mortgages found.

Just over a quarter of people aiming to be mortgage-free by 50 claimed they would take advantage of their new-found financial freedom by changing their working lives, either by retiring or moving to part-time hours. Another 19 per cent said they would travel the world, while 7 per cent would start a business.

The Co-operative said the desire to be mortgage-free had helped to drive an increase in the number of people overpaying their mortgage payments while interest rates are low.