Two thirds aim to be mortgage debt free by 50

According to research by The Co-operative Bank Mortgages, almost two thirds (62%) of mortgage holders are aiming to have repaid their mortgage debt in full by the time they reach 50, headlinemoney.co.uk reports.

The findings show how repaying their mortgage debt would change the lives of borrowers - with over half (52%) of people admitting they would take more holidays, while just under a third (31%) would save more money for retirement, and 27% would change their working lives by either quitting work or changing their hours to work part time.

Many people have been making overpayments towards their mortgage debt, with 31% doing so to reduce the amount of time they will be in debt to their mortgage provider.

Head of Mortgages at The Co-operative Bank, James Hillon, commented: "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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