People who have paid off their mortgage could be good prospects for fundraisers. New research from the Royal Bank of Scotland shows that Britain’s homeowners are on average paying off their mortgages earlier as each year goes by.
Homeowners in Britain now pay off their mortgage, on average, when they are 48 years old, according to the Royal Bank of Scotland’s survey. This figure is dropping rapidly: in 2004 the average age was 50, and in 2003 it was 56.
Scots are the most likely to pay off their mortgage early, according to the research. On average they have paid off the sum by the age of 45.
If you are looking for the town with the largest number of mortgage-free residents, see how many supporters your organisation has in Fairlight in East Sussex. There 69% of homes are owned without mortgages, compared to the national average of 29%.