Qualified advisers answering your
Financial Questions
call 0800 092 1245

Stop smoking, pay off mortgage 8 years early

Britain's smokers should quit the habit and use the money saved to pay off their mortgages eight years earlier, industry experts have advised.Given that a smoker who has 20 cigarettes per day would save, on average, £1,825 a year if they gave up, the money saved would go a long way towards paying off their mortgage earlier and crucially lessen the interest payments due.According to the mortgage brokers John Charcol, a homeowner with a 25-year mortgage would save around £27,000 in interest if they acted on this advice."When smokers look at what quitting can do to their finances it may provide that added incentive to finally stub out the habit," commented Katie Tucker, a spokesperson for John Charcol.In addition, aside from the health benefits, smokers who quit are likely to make further savings on their life insurance policies.The advice comes as thousands of Britons will attempt to quit on National No Smoking Day, while the forthcoming smoking ban in public places across the country is set to be a further incentive for those attempting to give up.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details