Pay Off Your Mortgage Faster
Getting the right advice for your home loan structure is the best way to ensure you pay it off sooner. Here are other ways to fast-track you to being mortgage free:
Throw extra cash at it
Pay off any extra when you can and if your loan structure allows it. You may want to keep your annual work bonus as an opportunity to treat yourself, but think how much better it would feel to pay off your mortgage and interest sooner.
Increase your payments
If your loan structure allows it, increase your monthly payments each month. Did you know that changing your loan from a monthly to fortnightly repayment means that you will make two extra repayments each year?
Shorten the term of your loan
If you reduce the term of your loan, your payments will increase and your interest rates will be reduced.
Keep your repayments the same if the mortgage rate falls
If your interest rate falls, see this as an opportunity to pay off your mortgage quicker instead of securing yourself a little extra cash by lowering your repayments.
Refix, refinance or restructure
Paying your mortgage off sooner may be restricted by your current structure. A Haven mortgage adviser will regularly review your mortgage against the market so you are always on the right plan, even if your situation changes.
Seek professional advice
The best advice cannot be offered over the internet or phone. Only once we discuss your situation in person can we tailor advice that is right for you. We’ll have you mortgage free a lot quicker than you think!
GET MORTGAGE FREE FASTER