Kick the habit and pay off your mortgage quicker

As National No Smoking Day approaches this week, new research has revealed that people could save thousands of pounds by kicking the habit.

The study by mortgage broker charcolonline.co.uk revealed that someone with a 25-year repayment mortgage could save over £27,000 in interest and take off eight years from the term of their loan if they chose to use the money saved to overpay on their mortgage.

"When smokers look at what quitting can do to their finances it may provide that added incentive to finally stub out the habit," said Katie Tucker of charcolonline.co.uk.

The study revealed that someone smoking 20 cigarettes a day could save approximately £1,825 a year by quitting.

Ms Tucker added: "There is clearly a lot to be saved if potential quitters take this approach.

"Coupled with savings on life assurance premiums and even some home contents insurance policies, there really is a great financial argument for not lighting up, as well as the obvious benefit to your health."