According to research by The Co-operative Bank Mortgages, almost two thirds (62%) of mortgage holders hope to have repaid their mortgage by the time they reach 50, headlinemoney.co.uk reports.

The findings revealed that if they repaid their mortgage in full, just over half of the respondents would go on more holidays, while just under one in three (31%) would pay more money into their retirement funds.

Many people have been making overpayments on their mortgage, with 31% stating that they were doing this to cut down the amount of time they were in debt to their mortgage provider.

An IVA expert for the IVA Forum commented: “It is encouraging to see people making a determined effort to clear their debts. Making overpayments on any kind of debt can help to seriously reduce its term, allowing the borrower to get out of debt more quickly.”