Packing in smoking could help cut years off people’s mortgage terms.

Someone with a £100,000 homeloan and a 20-a-day habit could save £1,770 a year by quitting, and if the money was used to overpay their mortgages, they could reduce the mortgage term by over eight years. The reduced mortgage term would save the borrower £41,168 in future interest payments at today’s rates.

The research from mortgage broker Charcol, highlights that heavier smokers who kick the habit and use the money to repay their loan could make even bigger financial savings. A borrower with a 40-a-day habit who quit could shave 12-and-a-half years from a £100,000 mortgage.