Your property - mortgage types payments
Lump Sum or Regular Overpayments
If your mortgage allows you to make regular overpayments, this will help reduce your mortgage balance. If these are sufficient, they could reduce your balance and clear your mortgage by the end of the term.
Another option is making lump sum overpayments on your mortgage. This can be particularly helpful for people who have a relatively low net monthly income, but in addition, receive regular or annual bonuses. Some of this money can then be used to repay some of the outstanding balance.
The advantage to both of these options is that it allows the borrower flexibility in making lower payments when they have to, and higher regular payments or lump sum overpayment's when they are in a financial position to do so. Please be aware that you must be financially disciplined to take these options. It’s all too easy to spend the money on the latest gadgets or a well deserved holiday.
Repaying Your Interest Only Mortgage
Offset Mortgages
Investment Vehicles
The above advice was produced by Mr Manish Patel (BA hons), if you require any further information or have any questions regarding financial advice, please feel free to contact him. Email financial advisor
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