Does it Make Sense to Pay Off Your Mortgage Early?

Overpaying your monthly mortgage repayments could save you thousands in interests and shave years off the term of the loan. Here's what to consider 

Faith Glasgow 7 June, 2021 | 8:47AM
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Your mortgage is probably the biggest debt you’ll ever have, on the most expensive purchase you’ll ever make. So it’s not hard to imagine how terrific it would feel to clear that debt faster than planned and become the full owner of your home.

You can do that through overpaying on your mortgage, either on a monthly basis or ad-hoc. The extra money reduces the capital outstanding, which in turn cuts the interest payable each month.

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Faith Glasgow  Faith Glasgow is a freelance journalist specialising in pensions and investment trusts

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