Buy-to-let
Figures released today by Which? also show Glasgow props up the league table with just 24 per cent of residents being mortgage-free.
Read Which?’s top tips for getting mortgage-free sooner here.
The average price of a property in Plymouth is £164,000, substantially less than the national average of £270,000. And its population is older too, with 22 per cent of residents over the age of 60 compared with the national average of 12 per cent.
Lower property prices and an older population profile explain Plymouth’s position in the league table but being older is no guarantee of being mortgage free.
In fact, according to the study 11 per cent of the over-65s – about 625,000 people – are still paying off their mortgage.
Nationally one third of us own our own homes with nothing to pay while 35 per cent of adults have a home loan, and a further 31 per cent rent.
In London, the rental figure spirals to 38 per cent, indicating the Capital’s ballooning property prices.
Which? spokesman Michael Johnson says being mortgage free is every homeowner’s dream.
“But for many it’s a long hard slog with millions of us borrowing more against our existing properties, taking payment holidays or trading up.”
“Our research shows that the average age people pay off their home loan is 51 – though with the right advice homeowners can achieve mortgage free status in their 30s and 40s, and 16 per cent of our nationwide poll achieved total home ownership before the age of 45.
“With the right guidance, considerable savings can be made by making minor adjustments to your mortgage.
“Some of the ways to help reduce your long term interest repayments include: reducing the terms of your mortgage, making overpayments while interest rates are low, or getting an offset mortgage.
