Homeowners ‘could clear mortgage debt in ten years’

Approximately 11 per cent of homeowners will have paid off their mortgages ahead of schedule within ten years as a result of current conditions in the marketplace.

This is the suggestion of HSBC subsidiary First Direct, which revealed that the 24 per cent of mortgage holders currently set to pay off their house loans over the next decade could increase to 35 per cent if people manage their finances intelligently.

“By making sound financial decisions and choosing a flexible mortgage such as an offset, freedom can be closer than ever before,” commented Jimy Kelly, spokesman for the company.

He said his firm’s research suggests that while it is now taking several years longer before the average British person gets on to the property ladder, people are more determined than ever to clear the debt as quickly as possible.

Earlier this year, the bank stated that as many as four million people could be watching the property market at the moment with the aim of trading up their homes when prices hit rock bottom.

By Chris Trimble