Can you pay your mortgage off quicker?
Well the year is nearly half gone and it’s anyone’s guess where interest rates and property prices will head this year. But I think it’s expected both will rise a little.
Are you prepared for a future increase in interest rates? Have you made the most of recent low interest rates to pay more principal off your mortgage? We provide tailored plans for a lot of our customers, but of course paying the mortgage off quicker does require effort to live within your means. This can be quite a challenge for many people, but good spending habits can be addictive over time. Obviously having a young family and being on one income can be a drain on finances, so treading water for a while in this situation is not the end of the world. Making the most of two good incomes in the household is where debt reduction works best. Could you live off one income and have the rest go into the mortgage? Everybody’s financial situation is different and don’t get caught up taking advice from what your friends do, as everyone’s financial situation is subtly different! Talk to us today for guidance.