HOW TO PAY OFF YOUR MORTGAGE EARLY - UK

How to pay off your mortgage early - uk edition. Links below :)

Things mentioned:

In this video I share how to pay off your mortgage early, here in the UK. Some easy steps to ensure that your mortgage is paid off early. Some things to look out for and how to get started.

WHAT TO WATCH NEXT:

EQUIPMENT USED:

MORE CONTENT:

DISCLAIMER: I am not a Financial Adviser and do not offer Financial Advice. I create these videos for education and entertainment purposes.

[snowysadventures]

By April this year hopefully I’ll be mortgage free!

As Nicola mentioned, overpaying on the first few years of your mortgage is so important, will literally save you thousands.

Chip away at it, no matter how small the overpayment is - key is consistency.

[rpeducation]

Paid my mortgage off 12 years early. Best thing I ever did. Now I have minimal expenses, so I can invest what I earn and work as much/little as I like. Best of luck on your journey Nicola.

[martymart]

I've been making small overpayments every month, not by much but it will all help. I found that my account with my utilities supplier was a lot in credit so I've reduced my DD and added the difference to my mortgage overpayments. I'm 53 and got 15 years left on my mortgage so blitzing it early is a high priority for me

[sandysanderson]

I've been overpaying my mortgage for the last 3 years now, its really nice to see the balance and the interest amount come down bit my bit .I think its easier now days with internet baking to get it payed off and set yourself free.

[paulamonaghan]

I live a very frugal life so I have paid my last couple of houses off in 7-8 years. I never take out more than a 15 year mortgage. I was raised by depression era parents who drilled into us kids not to buy anything that you can't pay for with cash. The only exception was a house and you better pay it off quickly. Then when it is paid off I celebrate with a nice (not expensive) trip somewhere. Gives me a goal to shoot for.

[PrettyPennyClub]

Instant gains on paying off a mortgage as it is an instant saving on your interest rate. Any kind of overpayment is usually a great long term move.

[melina]

This video is so so inspiring to me. Thank you so much

[kerryhammond]

Thank you for this video. It is a huge help.

[Saltytoxico]

Always remember to keep some free cash to pay for any surprises/emergencies.
Losing your house even when you over paid ever year on your mortgage isn’t a benefit 😅

[sandysanderson]

If you had a bigger deposit, you wouldn't have to borrow so much and save loads of money. I'm really overpaying it as soon once my full emergency fund is in place. If i had my time again i would be overpaying from the word go. so listen in people who are just starting out.

[MILLZMAN]

I'm just over a year into my mortgage (35 year term, recommended by my broker) and I've only just started overpaying in the last few months. I'm on a 5 year fixed rate and paying just over £600 per month initially. The vast majority is interest unsurprisingly. However since overpaying £60 - £150 for the past 3 months, my initial capital/principle has decreased further and interest has raised. It doesn't make sense.

[paulamonaghan]

One other thing, in the US, you can make all the overpayments you want to without penalty on a regular conventional loan. I would never take a loan where you are penalized. (I think that the banks know very few people make extra payments here.)

[oab]

Sta8ght up gangsta, love this vid. Keep it up

[liamcraighill]

Do they warn you when about to go over the 10 percent ammount

[jotakanim]

Do the mortgage companies has to right to dig your bank statement ir order to see where the money come from in your overpayments? Thank you.

[cryptobatman]

Overpaying at 1.5% mortgage rate makes on sense at all.