Pay Off Your Mortgage Early
Wednesday, February 3, 2010 10:06
For many of us, the mortgage payments on our homes claims a third or even more of our annual salary. And perhaps you’ve dreamed about what you would do with the extra money if you don’t have to make the monthly commitment.
Linking your savings and current account to your mortgage, which means you only need to pay interest on the difference, will help get yourself mortgage-free sooner than expected. It is actually very simple and it is all about offsetting. So, when your savings are higher, you will pay less interest.
In the current climate, this makes even more sense. Savings rates aren’t high, so offsetting makes your savings work for you in a different but still rewarding way. Check it out and start clearing your mortgage more quickly.
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