What should I be doing to manage my mortgage? (First time House owner) Any good tips?

LiveOnce

Hello there,

I have been paying my mortagage for 1.5yrs now and the money has been regularly coming out of my bank account.

It is a 'comfortable' mortgage of 40yrs repayment.

I have not really done much to change it yet but I know I should keep an eye on it.

Obviously I would like to pay it off as early as I can and make savings on interest rates etc.

Are there any good tips you can share please from your experience? I would find it invaluable

Thrugelmir

LiveOnce wrote: »

It is a 'comfortable' mortgage of 40yrs repayment.

That's all very well. A lot may change over the next 30 odd years. When it may become less comfortable.

Have you worked out how much interest you would pay over the entire term? May change your mind!

LiveOnce

Thrugelmir wrote: »

That's all very well. A lot may change over the next 30 odd years. When it may become less comfortable.

Have you worked out how much interest you would pay over the entire term? May change your mind!

So the natural question is, how can I stay on top and pay as low as I can?

TBeckett100

Pay into an investment ISA each month. You'll soon build it up and after a while view the direct debit as a bill. When you come to move or remortgage you can then lop a bit off the mortgage or restructure to something a little less comfortable. A 40 year mortgage isn't bad but you won't be there 40 years

King_Slayer

I agree, the interest that you will pay over the 40 year period will be high. I would've said overpayment if you have the option until you remortgage. However the ISA saving sounds like a good idea as well. We planned to save and overpay (only as our current circumstances allow this) things may change in the future, who knows! Good luck with what ever you decide.

dimbo61

That is one he'll of a mortgage term.
First time I have heard of anyone having a 40year term.
No wonder you are comfortable
As others have said you can overpay or save into regular savers, cash or stocks and share ISA, s or do BOTH.
You will pay over DOUBLE the amount you have borrowed over 40years no matter how low your Interest rate is.
Please do not tell me you are on a 2 year fix because it was cheaper ?
Overpay every spare penny ( after building up emergency savings) each month.
Interest rates Will go up in the next 40 years.