There are a few simple ways to pay off your mortgage sooner and save yourself a lot of money in the process. Overpaying each month, up to a certain limit, is allowed by many mortgage providers and will reduce the term as well as the total interest repaid. Offset mortgages offer an alternative to overpaying by using the savings you have to reduce the amount of money you’re charged interest on. Also, don’t forget to see if reducing other household bills can raise a little more money that could be put towards the mortgage instead.

Key Takeaways:

• Paying off a mortgage early can save thousands over the long term, and there are some things you can do to help reduce the debt.
• Overpaying on your mortgage can reduce the overall debt more quickly but might incur a charge. Overpaying reduces the total amount of interest you stand to pay.
• Another method is to use an offset mortgage. This involves placing money in a savings account, with your savings ‘offset’ reducing the amount of debt on which you pay interest.

“But if you don’t fancy stumping up a small fortune every month on the mortgage, there are things you can do to eliminate that debt much earlier.”

https://money.aol.co.uk/2017/01/18/how-to-pay-off-your-mortgage-years-early/