Mortgage free living – pay off your mortgage faster
The Bank of England has recently reported that home owners are paying off mortgages at a quicker rate than ever before – there are lots of tips on how to reduce your mortgage and own your own home outright, here are just a few suggestions on how to attain mortgage free living.
Repayment VS interest only
Resize and reduce
Some may find that they have bitten off more than they can chew with their mortgage, whilst family circumstances may have changed for others, meaning that they have more space than they actually need.
Assess your own situation and establish if and where there might be some slack – if the circumstances are right, downsizing may be the most effective solution to radically reducing the overall mortgage debt.
Whilst the Bank of England interest rate cuts have benefited homeowners with Standard variable rate, they have hit savers hard. Do your research with regard to what options are available on ISAs, high interest
Make your home pay it’s way by maximising on it’s returns as an asset – investigate getting a lodger, renting it out at a premium rate as a holiday home or weekend bolt hole, or even relocate to a beach shack on the other side of the world for a year and rent your home long term – rental property is extremely lucrative in the current market.
Hints and Things endeavours to provide general information in relation to various financial products. We hope you find this information useful. In no circumstances should the information we provide be construed as Hints and Things providing you with specific advice in relation to your own circumstances, or on the suitability for you personally, of any product or service referred to in this article.