UK homeowners keen to get out of mortgage debt

Recent data has highlighted the fact that many consumers in the UK are very keen to find ways to pay off their mortgage early, thus reducing the amount of time that they are in long term debt and saving a fortune in interest. Intelligent Finance carried out the research, which suggested that three quarters of those that have mortgages in the UK would like to pay off this loan early in order to make big savings and to get out of debt more quickly.

Around fifty percent of the people that were interviewed as part of the survey stated that they would be interested in the more flexible self service mortgages that enable consumers to repay their mortgage loan more quickly without penalty. Around thirty three percent of respondents that took part in the survey said that their main financial concern was making mortgage repayments. Fifty percent also found that their current mortgage was not flexible enough and did not enable them to look at paying off the mortgage more quickly.

The survey also showed that about twenty percent of respondents wanted to find ways of reducing the amount that they paid on their mortgage each month – a mean feat considering the recent and impending interest rate rises. A number of experts have suggested that those wishing to repay their mortgage more quickly could benefit from an offset mortgage, which offsets interest from your current account and your savings against the interest paid on your mortgage.

One expert from Intelligent Finance stated: 'We now have a new generation of mortgage holders who view their finances holistically and want more flexibility and the option to pay off their mortgage as soon as possible, rather than go on borrowing into old age.  Offsetting delivers exactly this.  We’re putting mortgage holders firmly in the driving seat, right where they belong.'