Mortgage free: Six ways to pay off your mortgage in full in 2022

Mortgages: Expert advises public amidst rising base rates

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Becoming mortgage free is a goal for many, but it’s suggested techniques to pay off the debt may not always be in one’s best financial interests. has suggested how to see if one’s ready to become mortgage free and six ways to act on it.

Mortgages are one of the biggest financial commitments any family can take on and can create an insurmountable debt burden for generations. 

In this sense, paying it off as soon as possible will see one paying less overall due to added interest – as well as providing peace of mind.

However, everyone’s financial situation is different, and having other debts or bills that have higher interest rates are advised to be paid off first. 

Additionally, splurging all of one’s disposable income on mortgage repayments will not help in the case of an emergency if they have no savings. 

Experts suggest savers put aside an emergency savings fund of at least three months’ worth of expenses as well as any other savings they can before beginning to pay off big debts like a mortgage. also highlighted that if one’s mortgage has early repayment charges it might not be financially sensible to pay it off as soon as possible. 

Not spotting these costs can easily rack up an extra few thousand on one’s mortgage bill so it may be best to wait until the charges are no longer applicable.

With all of this in mind, homeowners who are still hoping to pay their mortgage off as early as possible may want to take a look at the following six methods suggested by


Making the minimum monthly mortgage payment required by one’s loan provider will in no way see them become mortgage free quickly. 

By paying well above the minimum required, one automatically reduces the total of their loan as well as the amount they would pay on interest.

However, it is worth investigating whether one’s provider has a cap on how much extra they are able to pay without facing additional charges.

Lump sum payments

People often fall into large sums of money without having any expectation of doing so, from things such as tax, refunds, bonuses or inheritance. 

Putting these larger sums as a lump sum on one’s mortgage can put them months ahead in terms of getting closer to paying off their debt. 

Additionally, because these large sums are not generally part of one’s usual income it is likely their pockets and budgets won’t notice the missing money at all.

Act before interest

With varying degrees of interest rates, one might believe they are getting the best possible deal when signing on only to find that the low rate was applicable for just the first few years. 

Becoming fully aware of any of these clauses can help one mitigate the extra charges they bring, such as remortgaging, switching mortgages or talking to one’s lender to find a better deal within the same company.

Remortgage on shorter terms

The key to becoming mortgage free as soon as possible is the time factor, and remortgaging to a shorter timespan can greatly assist.

However, this will require clear communication with one’s lender as the payments will increase but not to the point that it is no longer affordable. 

Consider offsetting

Offsetting is similar to remortgaging and can be incredibly useful for savvy savers. 

In essence, a mortgage provider will offset the outstanding debt against the person’s savings to reduce the balance that interest will be applicable to.

Interest can be the ultimate savings killer when it comes to mortgages so acting to reduce it as much as possible is advised by many financial experts.

Avoid fees

Owning a home comes with many fees that most don’t think about all that often, this includes a variety of mortgage fees. 

Paying mortgage fees upfront rather than adding the amount to one’s existing debt can help reduce the interest due on the total sum. 

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