6 Years Left 9 July 2006 at 11:07AM in Mortgage-free wannabe 5 replies 1.1K views

minimizer

I am new to this, so please go easy on me.

I have 5 years and 11 months left on my mortgage[Co-Operative bank].
I currenlty pay £560 /month.

Does anyone have any nuggets of gold that I can use to reduce this term? :beer: :beer:

Cheers

onestep

welcome! No nuggets of gold here, I'm afraid.. but if you overpay your mortgage (check your T&Cs to ensure you can) then you can reduce your term and save some interest.

onestep

Jays

Welcome Minimizer

The best way to find the nuggets of gold is to read the articles and chat forums on this site.

After the articles, read the sticky posts at the top of the Mortgage Free Wannabe site.

You'll find all sorts of tips everywhere, just do your homework first. Don't be shy about asking any questions you have, someone will come along and answer them to the best of their ability; as you keep an eye on the sites, you will soon see who gives the best advice and who is obviously an expert in a particular field.

Best Wishes
Jays

Thefunkygibbons

Have a look at your savings

If you have a rainy day fund of sufficient size, could the extra be paid off the mortgage because the interest being earned on savings is less than moprtgage interest particularly if you are paying tax on it

Jays

See Minimizer,

Thefunkygibbons is one of those experts I was telling you about in #3.

comping_cat

I would read the mortgage pig thread, until then, i hadnt considered paying my mortgage off earlier but im so glad that i am now!!!!