Cut Daily Spending to Slash Mortgage Interest and Accelerate Mortgage Payoff!

“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” – Albert Einstein.

In the case of a Mortgage, compounding interest multiplies debt at an accelerated rate. So, by reducing debt on a regular or lump sum basis means that over time you enjoy the benefits of paying less money towards your mortgage and reduce the term of your mortgage by years.

Therefore we wanted to share a powerful strategy on why making regular and lump sum payments towards your mortgage will not only pay off your UK mortgage quicker, but will also reduce interest payments, and save you money overall.

Why not quickly check for yourself! Play with our Overpayment Calculator here to see how much time and money you could save over the period of your mortgage by treating some of your daily expenses or digital subscriptions as overpayments.

Small Contributions = Big Impact

Let’s illustrate with an example:

Suppose you replace a daily £3 coffee at Starbucks with a regular monthly mortgage overpayment.

Using a £100,000 mortgage over 25 years with an interest rate assumption of 5% for the term, that £3 daily overpayment would reduce the total amount of interest paid by £19,391 and shorten the mortgage term by 5 whole years!

See for yourself how making this daily overpayment can save thousands in interest and shave off several years off your remaining mortgage term.

Make something small into something larger

If you really want to see how a little goes a long way work out how giving up a daily coffee AND a lunchtime sandwich just ONCE a week.

You can do it here at our Overpayment Calculator. see what a huge difference it makes? It not only reduces your mortgage interest term by years but the amount of money you’ll save on your interest payments is substantial. It’s better in your pocket than in the banks’ pockets.

Just a small sacrifice can a substantial impact on your financial future.

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Taking proactive steps to make extra mortgage payments can yield tremendous benefits regardless of your mortgage type.

Making additional payments (or overpaying) towards your mortgage can dramatically cut the amount of interest you end up paying by reducing the outstanding mortgage balance, while also allowing you to reduce your monthly payment or become mortgage-free sooner.

To discuss how you can supercharge your mortgage repayment strategy simply get in touch with us today.

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Contact Us Overpayment Calculator