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 few weeks we’ll publish tips to help you achieve this.

Tip  2
Make an annual lump sum payment: Use your tax refund or a windfall such as an inheritance or work bonus, and apply it directly to your mortgage. Check your mortgage documents to find out how often you can prepay and in what amount. Most mortgages allow you overpayments of up to 10% of the balance p.a. so there may be parameters on how much or how many extra payments you can make. This is also a good thing to check when initially arranging a mortgage. When arranging your mortgage through Mortgage Insight we will ensure there is always the flexibility you request to make such payments.

Posted on June 9, 2011 by editor
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