`Many consumers` planning to pay mortgages off early

A considerable number of homeowners in the UK are planning to pay off their mortgages early, it has been claimed.

According to research conducted by first direct, 11 per cent of such people stand to pay off their mortgages ahead of schedule by taking advantage of current market conditions.

Meanwhile, 24 per cent are currently on course to repay their mortgages within the next decade, it was discovered.

The firm cited record low interest rates and "smart mortgage moves" as two of the factors contributing to the trend.

Spokesperson for first direct Jimmy Kelly said: "For many, a mortgage represents the biggest debt they will ever have - the typical householder will have five mortgages over their lifetime, which is a massive commitment."

He added that by making good financial decisions, consumers can be closer to "freedom" than ever before.

Recently, Sharon Bratley, a chartered financial planner at Fairinvestment.co.uk, predicted that interest rates will rise, meaning the mortgage market could have reached its lowest point.