Your circumstances may have changed since you first took out your mortgage. You may be able to pay off more of your loan monthly now than you could before which means you may be able to reduce your mortgage term.
It’s a good idea to keep an eye on your monthly income and outgoings and work out if you could be paying more each month.
Keep in mind that some lenders may charge you to pay off your mortgage early but there is usually a certain amount that you can pay off without added costs.
HSBC have one of the best mortgage overpayment calculators available and we highly suggest using it to figure out if you could reduce your mortgage term.
The Mortgage Overpayments calculator calculates the time and interest saved paying off a loan when making regular monthly overpayments. The overpayments are made after the start of the loan, are paid monthly in addition to the standard monthly mortgage payments and remain constant throughout the term of the loan.
If you would like advice on making monthly over-payments we’d be happy to help.