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How to pay off your mortgage early

How to pay off your mortgage early

April 24, 2018 By Robert M Leave a Comment

As the region celebrates Mortgage Freedom Day, the reason to become truly free of mortgages becomes more apparent when comparing how much of your annual income is spent toward that goal. There are 5 steps you can take toward ridding yourself of those payments: remortgage, overpay (unless your lender has fees against this), offset your savings against the loan,reducing the term of your loan so you can see that end sooner, or be sure to pay fees upfront versus lumping them into the loan.

Key Takeaways:

  • You can celebrate your ‘mortgage freedom day’ when you have earned enough in the year to cover your annual mortgage payments.
  • To avoid paying more for your mortgage, particularly before the introductory period ends, try to remortgage to get the best deals.
  • So as to pay off your debts quicker, consider overpaying on your mortgage payments but check if your lender charges a fee for this.

“While the concept of mortgage freedom day offers an insight into regional differences in affordability, there are a host of factors influencing how affordable your home loan really is in comparison to your earnings.”

Read more: https://www.which.co.uk/news/2018/04/how-to-pay-your-mortgage-off-early/

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Related posts:

  1. Mortgage affordability unchanged despite rising house prices, report finds – AOL Money UK
  2. Does a low rental yield put you in the buy-to-let danger zone? – Telegraph.co.uk
  3. How the Bank of England’s interest freeze will affect first time buyers and mortgage holders – Mirror.co.uk
  4. 10 Reasons You Should Go to Bed Early and Get Up Early

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