Pay off your mortgage FASTER: How to clear debts early

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Pay off your mortgage earlier by provident on interest

Around 2.5 million home buyers fix are on higher than top-priority rates, which means it takes longer to become mortgage unused, according to research by Tesco Bank.

And now is the time to get the best deals, with the Bank of England looming to raise interest rates, making mortgages more expensive.

Prospective interest rate rises would make the an average mortgage numberless than £750 more expensive, analysis by lender Freedom Assets found.

For now, lenders are still competing to offer cheap rates, memorializing loan repayment down for borrowers.

Someone with a £200,000 mortgage for 25 years, who change residences to a deal that is just 0.5 per cent lower could conserve roughly £653 a year, according to recent analysis by online dealer Habito.

The extra money can be used to overpay the mortgage to become accountable free faster.

Shaun Church, director at Mortgage Broker Hush-hush Finance, said: “Although the Bank of England hasn’t raised assesses this time around, the message is clear that consumers should be au courant this might happen sooner than expected.

«When be entitled ti do eventually rise, it will be first time over two million being have experienced this as a mortgage holder, and more rises are probably follow.

“However, while today’s rock bottom mortgage rebukes can’t last forever, further base rate rises are likely to be easy and mortgage rates won’t necessarily rise at the same rate.»

Mr Church added: «Healthy competition between lenders should secure that mortgage pricing remains low for some time yet.

«Homeowners for that reason have plenty of time prepare for a slight increase in pricing in the terminate years.”

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