Payday Advance Company Tells You How To Save £1000s On Your Mortgage
Do you have some friends who even during difficult times appear to still have cash to spend
? They say it is the wise who always find ways to economise and it is never too late to learn about how you can save money. A UK payday advance company bring you this excellent tip with explanatory figures of how you can save 1000s on your mortgage.
In this case the saving tip is how you can save 1000s on your mortgage. There are not many people who can afford to pay cash for their home so the vast majority of us have mortgages. However if you are currently paying the full standard variable rate (SVR) then you will be paying 100s extra every year.
What if you are in the position to make overpayments on your mortgage, but let's face it there is always something nicer to spend that money on, isn't there? Think ahead, instead of succumbing to temptations, visualise how you could finish your repayments years earlier as well as saving lots of money in interest.
Say for example your mortgage is 200,000 over 30 years at an interest rate of 6%, then you would be looking at a monthly repayment of 1199.10 and over the period of 30 years you will be paying 431,676.38 in total of which a whopping 231,676.38 is the total charge for credit.
So let's look at some scenarios depending on how much extra cash you could put towards your repayments and see the outcomes. If you could afford to add in an extra just under 50, 48.87 to be precise, then you could have your mortgage paid 3 years earlier, you would pay a total of 404,342.51 of which 204,342.51 would be for credit. In this scenario you have saved 27,333.87 and have a mortgage free 3 years.
If you can afford to add on an extra 89.50 per month then you would have 5 years mortgage free and the overall total would be 386,580.84 of which you are paying 186,580.84. From the original mortgage scenario you would be saving 45,095.54
Even if at the time of reading this you don't think you have the extra cash to add towards these extra payments, there may be things that you haven't considered yet that could easily be done to re-direct cash. Sometimes we are so busy and stressed with everyday life that we don't recognise them. One example is your mobile phone. Many people are on contract which in turn means that they are less likely to worry about the cost when they are enjoying a phone call. Switch to a pay as you go mobile and you can save 100s over the year this way which can be re-directed saving so much more on your mortgage plus having some mortgage free years that you hadn't bargained for!
by: Jackie De Burca
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