How to reduce your mortgage payments
There are many ways to reduce your mortgage payments.
Follow our guide:
- Always check with an independent Mortgage Advisor/Financial Advisor BEFORE taking any of these steps to ensure which option is best for your circumstances.
- Overpay on your current mortgage payments to reduce the amount of interest. However, never commit to a regular higher monthly mortgage payment if you are unsure of whether this will place you in a difficult financial situation. Some lenders will allow you to overpay by 10% every year, even if you have a fixed-rate mortgage. If you come into any money (ie an inheritance, lottery win or a family member giving you a lump sum) you could use it to pay off some of your mortgage which would lower your payments.
- Contact your mortgage lender to see if you can extend your repayment term.
- If you have a repayment mortgage, research whether you can switch your current mortgage to an interest-only mortgage or a better deal elsewhere.
- Get your property to generate income for you. Rent out a spare room, the whole property or let it for fixed dates throughout the year i.e. through a holiday lettings company or Airbnb.
Following this guide does not constitute you taking legal advice. The Home Guide Expert Limited is not regulated by the FCA (Financial Conduct Authority) and does not claim to do so. We recommend that you always check with a reputable Mortgage Advisor/Financial Advisor before making any financial decisions to ensure that a product and/or service is suitable for your circumstances.