A new table of statistics indicates that residents of Blackburn in Lancashire can pay off their mortgage loans faster than any other town in the UK. According to the figures, released by RBS, Blackburn head a table for fastest mortgage .
The study relied on data such as average property price and wages, and through this totalled up how fast local residents could clear their mortgage debt . In Blackburn, for instance, the average local wage was £18,356. The property price was lower than the national average, at £89,982. In theory, the study found, Blackburn residents are just eight years and two months away from clearing their mortgages .
One expert, from RBS Offset Mortgage, was reported as saying: "Our research shows a strong desire among homeowners to make their homes truly their own and pay off their mortgages as soon as possible.
Our fastest mortgage league highlights areas across the UK where anyone aiming to pay off their mortgage quickly, can make this dream a reality. Even if consumers do not live in these areas, there is much they can do to become mortgage free quickly."
An offset mortgage, according to the same expert, could knock years off their loan term. Other towns heading the mortgage table included Halifax, Manchester and Falkirk .
Blackburn tops mortgage rates table, say RBS offset mortgage
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Blackburn tops mortgage rates table, say RBS offset mortgage
Tue, 16 May 2006
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