Finance Fox


Ideas To Help Pay Your Mortgage Off Early And Save You Thousands

August 6, 2014 by lucas in Loans


David Goehring

A Mortgage will probably be the biggest financial investment we ever make. It takes most people about a third of their lives to pay it off and many people never reach the finishing post. There is much that can happen to your circumstances over that long period. Divorce is rife, and jobs without security are now commonplace. Most people would not expect to last twenty-five years in a job now, we accept that we will face unemployment at some point.

It is during those dark times that your home is at risk. The banks could repossess it if you fall behind with the payments, and your years of hard work will be for nothing. I think it is a wise move to pay as much as you can off your mortgage so that you always have a safety net and can settle the debt early.

Here are a few ideas to help you.

Take On Extra Work

Do know that you can reduce the mortgage period on a home you find in the estate agents in North Walsham from twenty-five years to only ten? That is because most of the money you pay in the early years services the interest and little comes off the capital. If you take on extra work and use the money to reduce the balance, it will  have a significant effect on the term of the loan. Here are some ideas for extra work.

  • Get a job as a taxi driver in the evenings. They are always in demand and at least you get to sit down while you work.

  • Look for work at a petrol station in the evenings. You might need to complete a safety training course, but the job isn’t difficult.

  • Get a job with a supermarket chain. The biggest one in the country makes you jump through hoops with extensive training before they will guarantee any hours though, so you might not find time to complete it. Think about one of the smaller chains stores instead.

Self-employment is an attractive idea for people trying to achieve your goal. You can work the hours of your choosing and earn as much as you want. You should register your status with HMRC so that they can apply the relevant tax to your income. Some people skip that part and work for cash-in-hand. It is naughty, and you only have yourself to blame when they catch up with you; as they surely will one day. Perhaps you could set yourself up in one of these roles.

  • Become a professional in vehicle valeting. People love their cars and will pay someone to clean them properly. You will need a decent van and some equipment such as a pressure washer and a vacuum cleaner.

  • If you love working outside, why not take on the role of a gardener? You don’t need to know everything about the subject. Most people only want someone to cut the grass and weed the borders. You will build a list of customers and develop a regular income.

If you can reduce your debt by one or two-hundred pounds per week, you will be in a  strong position. That is money on which you won’t pay interest. You will see the results as you mortgage comes down fast. Ten or fifteen years before other people pay for their houses, you will relax in the knowledge that you own yours outright. As you can see; it is a compelling argument.