How To Reduce The Size Of Your Mortgage
| Money : Mortgages Many people could afford to reduce their mortgage very easily and save thousands of pounds, yet they don't do so. Why? Either they don't realise that they could do this or they don't appreciate the one simple truth about mortgages: A massive percentage of the total cost of a mortgage comes from the interest that you have to pay back. And of course the longer the term of the mortgage the longer there is to pay interest and indeed the more interest that you pay back as a result. Therefore the simple solution is to overpay: pay off more than you need to each month using excess income that you have and over the term of your mortgage you pay it off quicker and save thousands of pounds of interest!
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