Thursday, 17 August 2017

When will you own your place outright?

A survey has revealed the latest outlook of homeowners who have a mortgage, with more than a third (36 per cent) expecting to be older than they had originally planned by the time they pay off their mortgage.

And nearly a third (32 per cent) would be prepared to cut back on general living expenses including food and energy bills, for at least six months, to be able to afford the mortgage for their next home.

According to the Equifax research, more than a third (36 per cent) of homeowners now expect to be older than they had expected before they are able to pay off their mortgage, with most believing they will be between 61 and 65 years old (23 per cent).

Nearly a quarter of homeowners say they will be in that age bracket while one in 10 (11 per cent) expect to be between 66 and 70 before completing mortgage payments. Homeowners in the North (42 per cent) are the least optimistic about the age by which they will own their home outright. Londoners were the most optimistic, with only 27 per cent thinking they will be older than expected before they pay off their mortgage.

Interestingly, homeowners between the ages of 35 and 44 expect to pay off their mortgage at an earlier age that those older than them.

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