According to a survey of 1,000 people commissioned by Sanlam Private Investments, 30% expect to pay off their mortgage ‘well ahead of time’, while 20% think they will redeem their debt ‘slightly ahead of time’.

The 29% bang on track think they will pay off their mortgage at the due date, while 21% say they worry about not being able to pay off their mortgage.

Older borrowers were by far the most confident about paying off their loans early or on time – 33% of 24 to 27-year-olds were concerned about not paying off their mortgage, while just 17% of 48 to 52-year-olds expressed concern.

However, 11% of 65 year olds also said they were worried about paying off their loans, which is concerning given that borrowers in this group are either in or facing retirement.

Ian Porter, head of wealth management at Sanlam Private Investments, said:

“The aim of our report, which looks at attitudes to finances across three key life stages, is to help give people a better perspective ahead of time, so they face up to the elements of their finances that need attention but don’t suffer from unnecessary angst about things that are likely to be OK.

“Homeownership does place a lot of pressure on us, but if there’s one thing our research has shown is that this is one of the few areas where the worry does dissipate over time. If there’s one lesson the older generation might give to their younger counterparts it’s ‘don’t panic, that mortgage might look big in relation to your property’s value and your earnings but it will decline over time’.”

Overall, the British dream of homeownership is alive and well. Almost two thirds of the people surveyed own their own home – and the majority of those who don’t own yet plan to buy a property at some point.

There are large variations between the age groups, with just 36% of people in the 23-27 age range currently owning their home. Buying a home is a top priority for a further 36% of younger people, and of the non-homeowners, 47% envisage themselves owning a home within the next 15 years.

On an optimistic note, only 6% can’t envisage ever being able to afford a home.