6 x Top Tips to paying off your mortgage more quickly..

6 x Top Tips to paying off your mortgage more quickly..

As well as the peace of mind of owning your home outright, paying off your mortgage more quickly can make sound financial sense by saving you thousands of pounds in interest payments to the lender.

Over the next 6 weeks we’ll publish six tips to help you achieve this.

Tip  1
Make small overpayments as early as you can after getting a mortgage because the loans are interest-heavy up front and the faster you can reduce that the better. In particular the first five to ten years are loaded the heaviest with interest and people are often disappointed to see that they’ve paid thousands but it’s only reduced the loan by a few hundred pounds. Paying down your mortgage fast in the early years is especially important if you didn’t put a large deposit down on your house. Because the interest is so heavy early on and the loan is only slowly reducing, early overpayments will help you grow your equity faster.

NB Check with your Mortgage Insight Broker to ensure your mortgage has the facility to ensure you don’t incur any penalty charges by doing so.

Posted on May 31, 2011 by editor
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