How to Pay your Mortgage Off Early
You can save thousands of pounds if you can pay off your mortgage early and its simple to do; just pay off a little extra each month against the capital value and you can see your mortgage disappear in half the time.
On a £200,000 repayment mortgage over 25 years, by simply paying off an extra £150 per month or £5 per day will save you over £40,000 in interest and reduce your mortgage by almost 5 years.
If you paid off an extra £400 per month (£13 per day) you would save £77,000 in interest payments and reduce your mortgage by 9 years and 6 months.
There have been some extreme cases where people have managed to pay off their mortgages in 2 years; but you will need a very big lifestyle change to do this.
However if you can spare £5 to £10 per day you can really make a difference.
Here are some links to some helpful sites on Paying your mortgage off early:
The One Show - Pay off your mortgage with Dominic Littlewood
This is Money - Pay off your mortgage early
- Types of Mortgages
- How much can I borrow?
- Mortgage calculator
- Home Information Packs
- Mortgage Jargon Buster
- Mortgages Key Facts
- Pay mortgage off early
- Property Websites
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