Top mortgage-free cities revealedPlymouth mortgage-free capital of Great Britain

11 September 2014

Plymouth is the outright home-ownership capital of the country, according to new research by Which? Mortgage Advisers. 

The research indicates that 44% of people in the city own their home without a mortgage. 

Meanwhile, Glasgow sits at the bottom of the league table, with just 24% of residents being mortgage-free.

Overall, a third of people own their home outright, compared to 35% of people with a mortgage and 31% of the population who rent. 

Go further: Which? Mortgage Advisers - our independent mortgage advice service

Older mortgage borrowers

Plymouth has a higher than average proportion of residents aged over 60 (22% compared to the national average of 12%), which could explain why it tops the mortgage-free table. 

However, the research also found that nationally more than one in ten (11%) of those aged over-65 still had a mortgage to pay off.  

Young homeowners

Over 4,000 adults were surveyed for the research, conducted by ICM. It found that the average age at which someone paid off their mortgage was 51. 

Yet, many people manage to do so sooner than this, with 16% paying theirs off before the age of 45. This figure is even higher in Leeds, where 26% of homeowners aged 44 or under own their homes outright. 

Becoming mortgage-free

Michael Johnson of Which? Mortgage Advisers said: 'Being mortgage-free is a dream every homeowner has, but for many it’s a long hard slog with millions of us borrowing more against our existing properties, taking payment holidays or trading up. 

'But, with the right guidance, considerable savings can be made by making minor adjustments to your mortgage.'

Which? Mortgage Advisers is an independent mortgage advice service that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using 

Borrowers may be able to save money by doing things such as remortgaging on to a different deal, making overpayments while interest rates are low or getting an offset mortgage.

Which? Mortgage Comparison Table: Remortgaging deals - compare the best deals on the market 

More on this...

  • Remortgage: the basics - how to switch to a better mortgage deal
  • Offset mortgages explained - how do offset mortgages work
  • How to get the best mortgage deal - Make sure you get the best mortgage possible