(13th January 2004 – UK) By sticking to their New Year’s resolutions and keeping off the cigarettes, British home owners could pay off their mortgage eight years and seven months early, one UK mortgage provider has calculated.Britain’s ‘One’ account – a joint venture between Virgin’s financial services arm and Royal Bank of Scotland – said a survey of 12 million smokers showed they spent a total of £15.7 billion (A$37.3 billion) a year on cigarettes.
However, by simply quitting the dreaded weed and putting the money previously spent on cigarettes into a One account, the homeowner would save £20,972 (A$49,813) in mortgage interest.
If smokers weren’t guilty enough, the mortgage provider also picked on chocoholics, saying each chocolate addict spent £22.84 (A$54.24) on chocolate bars each month.
Those chocolate munchers who did see the light – possibly after a road to Bourneville experience – could shave almost three years off their mortgage payments by simply beating the habit, and of course, putting the money into an account with guess who?
Australians could be next in line for such sterling advice after Virgin boss Richard Branson let it be known recently that his Virgin Money group is having a serious look at the Australian banking market.