With the nationwide public smoking ban soon to kick in, mortgage holders should be aware that they could save as much as £29,000 on mortgage payments should they quit smoking, a new report claims.
A study from Charcol.co.uk reveals that a 20-a-day smoker could save around £2,016 per year by giving up smoking - which as enough of an incentive in itself. But if they were to put these funds towards even a relatively small mortgage of £100,000 over 25 years, they would cut the term of their mortgage by eight years through overpayment - and would additionally pay £29,378 less interest.
"When smokers look at what quitting can do to their finances it may provide that added incentive to finally stub out the habit," Drew Wotherspoon of Charcol.co.uk comments.
"A 20-a-day smoker can save around £2,016 a year by giving up which, in itself, is incentive enough.
"Yet when you look at what overpaying by this amount can do to a mortgage, it is even more of an enticement. Even someone with a relatively small mortgage of £100,000 will pay £29,378 less in interest."
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