First-time Buyers
Smokers could cut 14 years off mortgage
Quit smoking and it could not only save your life – it could also cut 14 years off your mortgage.
Homeowners who smoke 40 fags a day could save £45,084 in interest off the average £100,000 mortgage, and pay it off more than a decade earlier.
Even those who smoke just 10 cigarettes a day could save themselves five years of mortgage repayments.
Katie Tucker, spokesperson for CharcolOnline.co.uk, said: “When smokers look at what quitting can do to their finances it may provide that added incentive to finally stub out the habit.
“A 20-a-day smoker can save around £1,825 a year by giving up.”
Quitters who use this money to overpay their mortgage will save themselves £27,417 in interest repayments on even a small mortgage of £100,000, according to Tucker.