HSBC: homeowners envious of paid off mortgages

A paid off mortgage is the latest symbol of wealth and cause of your neighbours envy, according to a survey conducted by HSBC.

The bank found that 70 per cent of people are impressed by contemporaries who have freed themselves from mortgage repayments, saving themselves a bundle of money into the bargain.

HSBC's head of mortgages Sian Lehrter, commented: "It's no longer enough to have the latest car or the coolest gadgets - what people really want is a mortgage-free lifestyle and they are becoming much savvier about how they can achieve it."

"No wonder their neighbours are green-eyed with envy," she added, referring to the fact that 46 per cent of respondents admitted they would be jealous at such news from the neighbours.

The mortgage industry has diversified greatly in recent years with more flexible payment systems and shorter-term loans springing up as the market has opened up.