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Debt-free date could be nearer with a cheap mortgage

Date: Mon, 15 May 2006

Finding a cheap mortgage deal could help many homeowners become debt-free sooner.

Figures from the Royal Bank of Scotland reveal that borrowers in Blackburn are the closest to paying off their mortgage completely as the average local homeowner wage of £18,356 and a property price of £89,982 means that the average homeowner has just eight years and two months of mortgage repayments left.

Predictably areas of Scotland and the north of England show more homeowners closer to mortgage freedom due to lower house prices. However, there remains a substantial difference between neighbouring areas. For example, Glasgow homeowners will take ten years and three months to repay their loans, whilst Edinburgh residents could take over 18 years.

Homeowners are therefore being encouraged to make sure they seek out a competitive and cheap mortgage deal in order to ensure they are debt-free sooner.

Karen Snodgrass from the Royal Bank of Scotland said: "Our research shows a strong desire among homeowners to make their homes truly their own and pay off their mortgages as soon as possible."

She added: "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."


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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.