Homeowners in capital quickest to pay mortgage
Homeowners in capital quickest to pay mortgage
HOMEOWNERS in Edinburgh are some of the quickest in Scotland to pay off their mortgages, new figures show.
Research published by the Royal Bank of Scotland has revealed that buyers in Cramond, Murrayfield, Ravelston, the Grange and Davidson’s Mains fall into an elite category of 20 areas nationwide making the least repayments.
On average, Scottish homeowners are now paying off their mortgage at the age of 45 - younger than any time since 1986 - while the time they spend making mortgage repayments has fallen to 21 years.
The figures also revealed that a quarter of Scottish households are now owned outright.
Paul Thwaite, head of the RBS Offset Service, said: "The findings of our research are rather surprising, because they suggest that Scotland’s homeowners are actually paying off their mortgage younger than at any time in almost 20 years.
"This means that for millions of Scots, a mortgage-free future may, in fact, be less of a distant dream than they imagined."
According to the study, the average age at which Scots said they paid off their mortgage in the first two months of 2005 was down from 52 in 2004 and 58 in 2003.
On a nationwide analysis, Scots appeared to have paid off their mortgage younger than any other part of the UK. Examining all the data from across the last 60 years, the overall average age at which outright owners said they paid off their mortgage was 53.
This article:
http://edinburghnews.scotsman.com/edinburgh.cfm?id=250212005
Mortgage and property news:
http://business.scotsman.com/topics.cfm?tid=483
HOMEOWNERS in Edinburgh are some of the quickest in Scotland to pay off their mortgages, new figures show.
Research published by the Royal Bank of Scotland has revealed that buyers in Cramond, Murrayfield, Ravelston, the Grange and Davidson’s Mains fall into an elite category of 20 areas nationwide making the least repayments.
On average, Scottish homeowners are now paying off their mortgage at the age of 45 - younger than any time since 1986 - while the time they spend making mortgage repayments has fallen to 21 years.
The figures also revealed that a quarter of Scottish households are now owned outright.
Paul Thwaite, head of the RBS Offset Service, said: "The findings of our research are rather surprising, because they suggest that Scotland’s homeowners are actually paying off their mortgage younger than at any time in almost 20 years.
"This means that for millions of Scots, a mortgage-free future may, in fact, be less of a distant dream than they imagined."
According to the study, the average age at which Scots said they paid off their mortgage in the first two months of 2005 was down from 52 in 2004 and 58 in 2003.
On a nationwide analysis, Scots appeared to have paid off their mortgage younger than any other part of the UK. Examining all the data from across the last 60 years, the overall average age at which outright owners said they paid off their mortgage was 53.
This article:
http://edinburghnews.scotsman.com/edinburgh.cfm?id=250212005
Mortgage and property news:
http://business.scotsman.com/topics.cfm?tid=483
posted by waltg at 8:38 AM
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