HOMEOWNERS in the Forest of Dean take 16.9 years to clear their mortgage, according to new findings.

The findings come as part of a new study by Bower Home Finance, which revealed the areas where homeowners are the most and least likely to pay off their mortgages.

The mortgage specialists examined data from the Office for National Statistics to determine the median house price and the median yearly salary for regions across England, Scotland, and Wales.

This information was then used to calculate how many years it would take two full-time median earners to pay off the mortgage on a median-priced home when spending 30 per cent of their net monthly pay on mortgage repayments.

Geoff Charles, the CEO of Bower Home Finance, said: “Based on the study, it will take two full-time earners in Forest of Dean nearly 17 years to completely clear their mortgage. Notably, this is a shorter length of time compared to nearby locations in Gloucestershire.

“For example, property owners in Gloucester take an average of 19.3 years to pay off their mortgage, whereas mortgages in Cheltenham take around 22.6 years to be completely cleared. The research reveals that the median house price in Forest of Dean is £274,995, which is higher than in Gloucester, where the median house price is £250,000.

“However, workers in Forest of Dean earn a higher median salary of £42,326 compared to Gloucester’s median salary of £34,617. This means that two full-time workers in Forest of Dean will be able to clear their mortgage at a quicker rate, despite the area’s fairly high property prices.

“For property owners in the South West, the research reveals that it will take an overall average of 25.5 years to pay off their mortgages, which is the fourth-highest figure in the ranking.

“This makes Forest of Dean stand out as one of the South West areas with one of the quickest mortgage repayment durations.”