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Survey reveals ambitions of UK mortgage holders
Wed, 17 Feb 2010
Nearly two thirds of mortgage customers aspire to be mortgage-free by the time they reach 50 years of age, new research has stated.

A survey by the Co-operative found that 62 per cent of the respondents are aiming to be mortgage-free.

In addition, the report discovered that paying-off the mortgage would have a huge impact on the lifestyle of Britons.

For instance, 52 per cent of respondents stated they would take more holidays, while just under a third would make saving a bigger priority.

Further to this, 27 per cent revealed they would look to change their working lives by either quitting work altogether or switching to part time hours.

James Hillon, head of mortgages at the Co-operative, said: "The research clearly shows that many mortgage holders are looking to take advantage of the low interest rate environment by making overpayments ."

Meanwhile, recent figures produced by the Bank of England showed that mortgage rates on tracker products have reached their lowest level since 1997.

With the base rate still at 0.5 per cent, the average tracker mortgage was at 3.63 per cent, compared with 3.92 per cent in the last month of 2009.

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