5 Mortgage Saving Tips? YIP

Hey Everyone! With cost of living cranking up and interest rates staying high, paying off debt is one of the best investments you can make now. Your mortgage is typically the biggest debt an individual can ever incur. Even while mortgage interest rates are often lower than those of other loans, the total amount of interest you pay over the course of the loan is quite high. Here are 5 tips that may help you pay off your mortgage (and other debt) faster.

1. Make fortnight payments: Instead of paying your mortgage once a month, consider making fortnightly payments. This will result in an extra payment each year, which can help you pay off your mortgage faster. Plus, you’ll save a lot of interest over the entire loan.

2. Increase your payment amount: If you have extra cash each month, consider increasing your mortgage payment amount. Any payments over the interest cost are taken off your balance and into your equity. This is your money, that you could access again if needed.

3. Make a lump payments: At the end of each mortgage fixed term you have the opportunity to pay off a chunk of mortgage. So, if you receive a bonus, tax refund or have come into some bulk cash, consider putting that money aside for a lump payment.

4. Look for savings on same products! This isn’t about buying cheap products, but more looking for ways to save. We recently became parents and we’re making a 20-30% saving on the exact same diapers by buying bulk. You could also look at reviewing your internet/phone/power plan, most people are actually on the wrong plan for their needs.

5. Consider a side hustle: If you have extra time, consider taking on a side hustle to earn extra cash. With the world of tech- nology and internet, it is super easy to start a side-hustle, there are oodles of ideas online!

Paying off your mortgage faster requires dedication and discipline, but the rewards can be significant. Not only will you save a lot of money on interest, but you’ll also have the peace of mind that comes with being debt-free. If you would like a health check on your property situation, get in touch and we’ll go through a strategy plan together. Have a great week everyone!

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Are you a fun-loving nurse?

Written by William

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The elders of Enliven’s Huntleigh and Cashmere Homes are looking for fun-loving, caring, talented nurses to join their dedicated team. With Enliven positive ageing services, you’ll enjoy a wide range of clinical work, a supportive work environment, plenty of professional development and career progression opportunities, a focus on wellbeing and lots of fun!

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