How to pay off your mortgage early

by Hannah from money.co.uk

Action Plan:

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If you can pay off your mortgage early you'll end up paying less for your house overall, so it's a case of the sooner the better. We show you how to make this mortgage-free dream a reality.

		a	Do: Commit yourself to clearing your mortgage
		b	Do: Get support

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		a	Find out: How much do you get paid?
		b	Find out: How much do you earn from other jobs?
		c	Find out: How much do you earn in interest or dividends from savings and investments?
		d	Find out: How much do you receive in tax credits or benefits?
		e	Find out: How much do you earn in bonuses?
		f	Find out: How much do you earn from overtime?
		g	Find out: What's your average monthly income?

		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Consider: Do you need to budget for any big expenses?
		f	Work out: How much do you spend each month?

		a	Work out: What's your disposable income?
		b	Work out: How much can you afford to overpay on your mortgage each month?
		c	Find out: Can you make extra payments on your mortgage without being charged?
		d	Do: Arrange your mortgage overpayments

		a	Do: Check your credit report
		b	Find out: How much equity do you have in your property?
		c	Find out: What is the best type of mortgage for you?
		d	Find out: Can your mortgage lender do you a better deal?
		e	Find out: How much will it cost to remortgage?
		f	Work out: Should you remortgage or stay on your current deal?
		g	Do: Apply for a mortgage deal

		a	Do: Keep a spending diary
		b	Do: Start working to a careful budget
		c	Consider: Can you spend less without noticing a difference?
		d	Consider: How can you earn extra money?
		e	Consider: Should you put spare cash towards paying off your mortgage early?
		f	Do: Monitor your mortgage interest rate

		a	Find out: How much do you owe on your mortgage?
		b	Find out: What mortgage interest rate are you paying?
		c	Find out: Do you have a repayment or interest only mortgage?

		a	Find out: Will you be penalised if you pay off your mortgage early?
		b	Find out: Will you need to pay early repayment charges if you remortgage?
		c	Work out: How much would it cost to pay off your mortgage now?

		a	Find out: How much do you have in savings accounts?
		b	Find out: Are you paying more interest on your debt than you're earning on your savings?
		c	Decide: Should you use your savings to pay off your mortgage?