6 Years Left

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

Replies

  • onesteponestep Forumite
    893 Posts
    500 Posts
    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
    When people show you who they are, believe them the first time
  • JaysJays Forumite
    410 Posts
    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
  • 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
  • JaysJays Forumite
    410 Posts
    See Minimizer,

    Thefunkygibbons is one of those experts I was telling you about in #3.
  • comping_catcomping_cat Forumite
    24K Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Forumite
    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!!!!
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