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How to pay off your mortgage early

Even if you choose a standard 25-year mortgage term, you aren't obliged to take that long to clear your debt.

Many mortgage lenders now offer flexible features with their loans.

These generally include allowing regular or occasional lump-sum overpayments to help you become debt-free more quickly.

For example, if you used a repayment mortgage (also known as a capital and interest mortgage) to borrow £100,000 over 25 years at an interest rate of 6 per cent, you would repay around £644 a month or £193,390 over the term.

But if you took the same loan and overpaid every month, here's what would happen

• £25 a month

You would save almost £8,800 in interest and clear your debt 2 years and 1 month early. • £50 a month

You would save nearly £16,000 and be debt-free 3 years and nine months early.• £100 a month

You would be almost £27,000 better off and debt-free 6 years and five months early. A word of warning if you might want to overpay

Check before you take out your mortgage that it allows penalty-free overpayments and if there are any limits on the amounts or frequency.

For another way to save interest and pay off your debt early, read about Offset Mortgages.

There's much more information on paying your mortgage off early here

To read more on this subject please see the list below or your mortgage guide or your home buying guide

Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below

Value of Property £ (eg 125000) Borrow How Much? £ (eg 92500) Your Mortgage Type    - please select - Re-Mortgage Purchase Buy to Let Overseas   First time buyer? Yes No Have you found property? Yes No Country   - please select - Andorra Australia Bahamas Barbados Belgium Belize Bulgaria BVI Cayman Islands Cyprus Canada Dutch Antilles France Greece Ireland Italy Jamaica Malta Mexico New Zealand Poland Portugal Spain St. Lucia Switzerland Trinidad & Tobago Turks & Caicos USA Other.. Sorry ! The amount you want to borrow is less than £25,000. This is the minimum allowed for a mortgage. But don't worry ! You could get the money via a personal loan. I want a free no obligation loan quote Click OK No thanks. I will change my borrow amount to more than £25,000 Click Cancel

Read On / Mortgage Basics

What is a mortgage?

A basic summary of the rules

The choices you need to make

How much can you borrow?

How do you prove your income?

How long are mortgages usually for?

What will happen to interest rates?

Read On / Mortgage Guide

How to Choose your Mortgage

Types of Mortgage

Remortgages

Where to Find your Mortgage

Getting a Mortgage in Principle

Costs of a UK Mortgage

Your Mortgage TOP TIPS

Calculators

A to Z all UK Mortgage Types

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Guide to Buying Home in the UK

Guide to UK Home and Mortgage Insurance

Life Insurance Guide

Glossary of UK Mortgage Terms

Mortgage News

Mortgage Basics

What is a mortgage?
A basic summary of the rules
How much can you borrow?
How do you prove your income?
How long are mortgages usually for?

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Mortgage Basics

How to Choose your Mortgage

Types of Mortgage

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Getting a Mortgage in Principle

Cost of a UK Mortgage

Your Mortgage TOP TIPS