Brits paying off mortgages early

Some homeowners are taking advantage of the housing slump and could be mortgage-free within a decade, it has been claimed.

While the current housing market conditions may be bad news for those looking to sell their home, First Direct explained others who choose to stay put are benefiting and stand to pay off their mortgage early.

Figures from the financial services provider show more than one in ten (11 per cent) of homeowners are set to pay off their home loan by 2019.

The company explained record low interest rates and savvy mortgage moves have helped a number of people set up a situation that could see them free of payments earlier than planned.

"By making sound financial decisions and choosing a flexible mortgage such as an offset, freedom can be closer than ever before," explained First Direct spokesman Jimmy Kelly, who added the average homeowner has five mortgages in their lifetime.

Those who manage to get debt free may even decide to reward themselves with a home improvement such as a conservatory or loft conversion, to help make the most of their property.

A recent Halifax study found the UK to be a nation of home improvers, with the highest perceived return on investment said to be a conservatory.