10
Mar
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.
