Do you ever have that sinking feeling when it comes to your mortgage payments, finding it increasingly harder to meet them each and every month? The good news is that you really can pay off your mortgage early and stop worrying. For an average mortgage of £130,000 for example, a £98 overpayment each and every month will shave 5 years off your mortgage term and save you over £22,000 in interest alone. Here's how:
Pay off your mortgage early by making more money:
It sounds far-fetched, but you really can make hundreds of pounds without much effort at all!
Estimated monthly makings – £400+
Pay off your mortgage early by saving more money:
You really can make considerable savings every month if you do the following at least once a year:
Estimated monthly savings - £300+
As you can see, it's easy to make around £100 each month to put towards overpaying your mortgage. For any extra money you make, make sure you stash it away in a mini cash ISA to earn tax-free interest.
What to do next to pay off your mortgage early:
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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