Pay Your Mortgage Early for a Better Retirement
Typically the mortgage is what determines when you can retire, and will certainly make a difference in your quality of life after retirement.
Keeping the payments up is a great way for borrowers paying off their mortgages early. It may sound hard to do this but is not. If you keep paying the same amount you were paying last year before the interest rates going down.
For example someone who pays £629/month on a £100,000 mortgage at 5.75, could potentially pay less £30 at 5.25. But if that person continues paying the same amount would be able to pay off this mortgage two years earlier.
Paying your mortgage off even a few years early will free up money to spend on other things.
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