Giving up smoking 'could kill off a mortgage earlier'

13-Mar-2007

In news which may be of interest to would-be first time buyers, kicking the habit could shorten the length of a mortgage by more than eight years, new research suggests.

According to data released by mortgage advisers John Charcol, a first time buyer or repeat purchaser with a repayment mortgage over 25 years could make a saving of over £27,000 in interest payments if money for tobacco was instead spent on mortgage overpayments.

Indeed, over a period of 14 years, a 40-a-day smoker with a £100,000 mortgage could save £45,084 in interest payments.

"When smokers look at what quitting can do to their finances it may provide that added incentive to finally stub out the habit," said Katie Tucker of John Charcol.

"There is clearly a lot to be saved if potential quitters take this approach," she added.

Taking place for the last 24 years, National No Smoking Day takes place on March 14th.

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