The size of a mortgage means you will generally end up paying it off over a period of 25 years or more. However, there are more people than ever looking at ways to pay off their mortgage early and become debt free.
One couple who managed to pay off their mortgage within four years, have shared their secret with the nation. Vicki Wright and Lindsey Bryant originally had a one-bedroomed flat, and managed to pay the £160,000 off early rather than over 35 years. Less than four years later, the couple own their £300,000 four-bedroomed home outright. They stated that they have managed to have holidays and drive a sports car, even while saving money.
They have revealed their secret, which is to pay the cheapest amount possible for every purchase, and bank the savings. For instance, if they found a holiday at £500 but managed to find it elsewhere at £400, they would immediately use the £100 saved as an overpayment on their mortgage. Each time the couple saved anything on a purchase, even down to 20p saved on a can of soft drink, they would put it towards the mortgage.
They also had jobs with salaries based on bonuses, and worked a day of overtime every month, using the money earned for the mortgage overpayment.
As lenders may limit the amount you can overpay, speak to your CeMAP qualified mortgage advisor so that they can identify suitable products.
