Are you struggling to pay off your mortgage? Are you looking for simple ways to save thousands of pounds in the process? Look no further! We’ve spoken to experts in the field to find out the most effective and simple tactics to help you overpay your mortgage.
Overpaying your mortgage is a great way to save money on interest and pay off your loan faster. There are two ways to overpay your mortgage: a one-off lump sum payment or regular overpayments. A one-off payment can reduce your mortgage term or your monthly payments, while regular overpayments are more flexible.
Before you start overpaying your mortgage, it’s important to check with your lender whether they accept overpayments and if there are any restrictions. Some lenders may only allow you to pay up to 10% of your outstanding mortgage each year without incurring a fee.
Once you’ve checked with your lender, it’s time to tackle what experts call “emotional spending.” This can include those little treats you don’t need, but you buy anyway. One way to do this is to set yourself a budget that includes an allowance for occasional treats. Another way is to take time when you’re considering a purchase, and think about it for 24 hours before making a decision. Finally, challenge yourself to a “no spend week” where you only spend money on essentials. This can help you develop a more mindful relationship with money.
The simplest way to overpay your mortgage is to ask your lender to adjust your direct debit payment. For example, you can increase your standard payment of £744.18 to £800. Many lenders allow you to make this adjustment online or over the phone. Even small repayment amounts can add up over time, just like the snowball at the top of a hill that becomes the size of a house at the bottom.
But what if you have a County Court Judgement (CCJ) and are struggling to mortgage with a ccj? This is where UK’s Best Mortgage Solutions can help. They offer a range of mortgage solutions for people with CCJs, including a specialist team who can provide advice and support throughout the process. With their help, you could still be able to get a mortgage and buy your dream home.
So, whether you’re looking to save money on your mortgage or need help getting a mortgage with a CCJ, there are solutions available. With these simple tactics, you can overpay your mortgage and become debt-free faster. Don’t wait – start saving today!