Express.co.uk express.co.uk 26 Jan, 2021 18:15 am

Mortgage rates: How homeowners have managed to shave five years off their mortgage term

Mortgage rates: How homeowners have managed to shave five years off their mortgage term
MORTGAGE payments will make a regular appearance in many people's budgets, however that's not to say the amount that is paid out will necessarily need to remain a constant.

According to The Money Advice Service, the average mortgage term is 25 years.Reducing a mortgage term will be a priority for some homeowners, be it to save money in the long-term, or to have the peace of mind of the repayments having been made.uk, founder of Heron Financial, Matt Coulson, said: “Depending on your financial situation, I would advise one of two ways to reduce your mortgage term.READ MORE: State pension payments will rise in April but not all pensioners will benefit Mortgage UK: Some may be able to reduce their mortgage term Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE We will use your email address only for sending you newsletters.

"Interest rates are very low at the moment, so being able to capitalise on this to reduce your mortgage term is ideal."Instead of lowering your monthly repayments, use this opportunity to review the mortgage term instead, by retaining the same monthly payments but using the difference to pay off more of the balance, thus reducing what you owe.

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