Standard Life Bank says buy nothing and pay off mortgage

Standard Life Bank is encouraging borrowers to use national &#39Buy Nothing Day&#39 this Saturday, to help pay off their mortgage more quickly.

The lender advises that by going without some everyday indulgences such as coffee, snacks or magazines, borrowers could save thousands of pounds and make significant overpayments to their mortgage.

David Macmillan, director of sales and marketing, says: “Borrowers can pay a substantial amount off your mortgage by setting aside money you would normally spend on purchases such as morning coffees and magazines, and using these savings to overpay your mortgage.

“By having three &#39Buy Nothing Days&#39 each week you could save £72 a week, a monthly saving of £288, which on a £120,000 mortgage could knock nearly seven years off your mortgage term and save you over £26,000 in interest.”