10 Mar

Consumers 'should try to pay off mortgage before 55'

Consumers 'should try to pay off mortgage before 55'

Consumers should attempt to pay off their mortgages before they reach the age of 55, it has been claimed.

According to Timothy Lambert, head of consulting at Ducalian, this can make life easier for property owners - including those with luxury homes in Kent - in post-work years.

The expert made his remarks in the wake of the publication of an article in the Daily Telegraph, which suggested that continuing to pay off a home loan during retirement may in fact be a good option for some individuals.

Disagreeing with this, Mr Lambert said it is best to try to reduce debts as soon as possible.

He added: "Many people see a 25 or 30 year mortgage as something to deal with in the future and it is often not treated as a number one priority."

This can be a mistake, Mr Lambert suggested, going on to advise consumers to plan for their later years early.

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