When will you be mortgage free?
How to work towards this goal
Paying off a mortgage as early as possible is a common ambition among homeowners and is a major step on the way to a financially secure retirement.
Setting goals and keeping a note of where your money goes each month are important in helping to set a budget and allow you to consider whether specific purchases are important or just something you would like to have.
Making regular overpayments or paying a lump sum off your mortgage is an option if you have funds available. However, if you have other more expensive debts you should consider paying those off first. With flexible mortgages, it’s possible to make overpayments, but even on a standard mortgage most lenders will allow you to overpay, usually up to 10% of your mortgage balance each year.
If you have savings you could opt for an offset mortgage, which allows you to balance your savings against the amount you owe on your mortgage. This reduces the amount of interest you pay and could allow you to pay more off the mortgage balance.
Finally, reviewing your mortgage regularly will ensure you are on the best deal. We’re here to help