The average bonus received this year is £1550.95, according to a UK-wide survey. And putting this into a current account mortgage every year could knock more than six years off your mortgage term.

This is the interesting conclusion of a survey from The One Account that also shows over a quarter of people will spend the majority of their bonus paying off debts.

It certainly seems that what an increasing number of people want for Christmas is less debt. Compared to a survey conducted last year, where 18% had used their Christmas bonus to pay off debt, this year 26% of people surveyed who received a bonus intended to use their bonus to reduce the amount they owe. 

With the desire to be debt-free high on many people’s Christmas lists, it’s therefore surprising to find that only 2% of consumers intend to use their bonus to reduce their mortgage, often people’s biggest financial burden, when doing so could save them thousands of pounds.    

Debbie Milsom, from The One Account, said:  “We all yearn to be mortgage-free, but this need not be an impossible dream.” 

 “Having a current account mortgage, like The One Account, brings together your mortgage, current account, savings, loans and credit cards.  Simply put, it means that any money in your current account, be it monthly salary, savings, or indeed your hard-earned bonus, is constantly working to reduce your mortgage but is accessible at all times. You have worked hard for your bonus – so let your bonus work hard for you.”