The pros and cons of paying off your mortgage early.
Does the idea of paying off your mortgage early appeal to you? The faster you clear your loan with overpayments the sooner you can think about things like early retirement or financial independence. And you’ll also save thousands of pounds, if not tens of thousands of pounds, by reducing how long you pay interest for. No brainer right?
Well, it’s always not that simple and there are pros and cons to overpaying on your mortgage. In this video I’ve looked into more detail on these and other benefits, but I’ve also shared when it might not be the best thing to do.
Then I’ve shared how to actually do it here in the UK – including the important step you need to take to make sure you don’t actually get hit with penalties for doing it.