X Factor winner Joe McElderry makes mortgage payoff top priority

The 2009 X Factor winner Joe McElderry is proving even more popular with millions as the 18 year old has told the media he wants to pay off his mum’s mortgage when he signs on the dotted line for his £1 million record deal – and give his nan Hilda a ‘wad of cash’.

According to the Daily Express, Joe has said he intends to spend his newfound wealth wisely and has said he intends to invest in property, starting with buying his own house close to home in Newcastle.

Paying off the mortgage is one of the top items on the list for many people when they’re asked what they would spend a cash windfall on.

With mortgage interest rates at record lows, around a quarter of UK homeowners are estimated to be about £200 per month better off now than they were twelve months ago according to the Bank of England – and using that extra money to make overpayments on a mortgage is a wise idea if it can be afforded although with high unemployment and a recession to deal with many are using the extra cash to cushion the blow. The average savings for each homeowner according to the report is £130 per household.

Of course, for lucky Joe McElderry paying the mortgage shouldn’t be a problem after winning the X Factor.



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