With apologies for stating the bleedin‘ obvious, but most of us work to pay bills and no small part of these are accounted for by our mortgage. Consequently, for those who, on having thankfully made their last payment and received the deeds to a home far more valuable than when they bought it, the need to work is much reduced.
So, while we can so easily blame bleedin‘ generous benefits for many Britons leaving the world of work – thereby tightening the labour market, causing supply disruptions and thus fuelling inflation and a panicked base rate response – 14 years of Zero Interest Rate Policy (ZIRP) played a very generous part.
“On top of affording all the more to live mortgage-free and so free of work, ultra-low borrowing costs allowed many to significantly pay-down their mortgage and/or become first-time landlords”
