With the ban on smoking in enclosed public spaces set to come in across England next month, the mortgage broker’s own figures suggest that homeowners could avoid years of indebtedness if their cigarette funds are used instead to overpay their mortgage.
Drew Wotherspoon of Charcol.co.uk commented: “A 20-a-day smoker can save around £2,016 a year by giving up which, in itself, is incentive enough.
“Yet when you look at what overpaying by this amount can do to a mortgage, it is even more of an enticement.”
Additionally, Mr Wotherspoon pointed out that quiting smoking habit can help reduce an individual’s life assurance premiums considerably, which may also help in the search for a debt solution.
Earlier this year, a report from the Consumer Credit Counselling Service suggested that homeowners across the UK look set to be financially stretched throughout the year.