Paying it off early means less interest to pay back, more money for one’s retirement and extra money to give to the children, or just to spend on oneself. In an exclusive interview with Express.co.uk, money expert Emmanuel Asuquo discussed repayment options and how it can help significantly reduce the years left to pay on a person’s mortgage.
“So, you can save separately and pay it off by the end of the year.
“Normally most mortgages you can only pay 10 percent off as an overpayment in a year, so you have to bear that in mind.”
When it comes to decisions about paying off one’s mortgage, Mr Asuquo discussed with Express.co.uk the importance of knowing why they would want to, or what the end goal is.
He said: “You have to know why.
Mr Asuquo said that there are many people’s properties that are worth over £600,000, £700,00 or even £800,000, but they may be receiving very little income.
He continued: “I had a client that her house is worth a million in Brixton because it’s a six-bedroom property, and all her children have left, but she only has a pension of around £600 a month.
“So, she has a million pounds worth of assets, but not a lot of income and she’s struggling to survive.
“So actually, what could have been good when she could have, was to take money out of that property and look at buying other properties.
“So that could provide her an income, so she didn’t have all her assets in one place.”
So, he suggested, what Britons may want to consider when deciding to pay off their mortgage is why, and if it will be of benefit in the future having these assets over readily available cash or steady income.