Put your home affairs in order

Save fortune by paying off your mortgage early

- with WARREN SHUTE

How to repay your mortgage early

It's the one debt most of us are happy to take out and it seems almost second nature to do so.

For the majority, it takes nearly our whole working lives to repay it.

So how can you join the 35% or so of householders in the UK who own their homes outright?

Because the cost of borrowing is now more expensive than it was, it might be opportune to discuss how to repay your mortgage early, if you wished to do so.

Make additional mortgage repayments

Let's say you have a £200,000 mortgage at 2.5% for 25 years. Repayments would be around £890 per month.

If you overpaid by just 10%, £90 per month, you'd reduce your term by three years and save yourself over £9,000 in interest.

If you committed to an overpayment of £1,000 per quarter, it would save you over eight years and £24,500 in interest payments.