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Two thirds hope to have cleared mortgage debt by 50

17/02/2010

Research carried out by The Co-operative Bank Mortgages has found that almost two thirds (62%) of mortgage holders hope to have cleared their mortgage debt entirely by the age of 50, headlinemoney.co.uk reports.

The bank asked borrowers how repaying their mortgage debt would change their lives. The findings showed that just over half would go on more holidays, while 31% would pay more money into their pension (or equivalent) to make sure they had enough money to cover their costs after retirement.

Just over one in four (27%) would work less, either quitting work altogether or cutting back their hours and working part time.

Many people have been making overpayments towards their mortgage debt, with 31% saying that they were doing this `to reduce the term of their mortgage`.

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

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