Mortgage free status is celebrated as a significant achievement, particularly as the debt is very difficult to meet. However, many people aspire to own their own home, and are looking for the best ways in which to do so. A mortgage loan is secured against the value of a home until it is repaid over a number of years.
Traditionally, this term usually stands at 25 years or more, with regular payments expected to meet the goal.
For this reason, most Britons spend the majority of their adult lives paying off their mortgage.
But for one forward-thinking homeowner, the plan to become mortgage free was a journey he wished to embark upon sooner rather than later.
While some are happy to spread the cost of their repayment, this homeowner was keen to pay off the mortgage as soon as possible.
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They wrote: “I put every bonus and savings into the mortgage for the last four years.
“I do not live frugally, I spent £20k on a holiday last year, but I drive a modest car and try to be careful on unneeded expenditure.
“I became addicted to paying off the mortgage and tracking in spreadsheets.
“I largely lived without an emergency fund, and when emergencies did come, I’d either use some of my mortgage money or take short loans with my bank at around £5,000 which was paid back without accruing much interest.
Britons can plan to pay off their mortgage in several ways.
Perhaps the most popular option is overpayment, where each monthly payment is higher.
However, it is important to be aware of charges which may be incurred through this method.
Mortgage terms can also be shortened, however, this means increased payments over a shorter period of time.
Britons are encouraged to check their financial capability before making any steps to pay off a mortgage earlier than the standard term.