8 Feb

Stick with the payments and 'own your home sooner'

Stick with the payments and 'own your home sooner'

Homeowners are being urged to keep up to date with their mortgage payments so that they can own their home outright sooner.

Broker John Charcol is advising householders to maintain higher payments in order to reduce their mortgage term before they retire.

Borrowers who have been able to afford mortgage payments over the last year should consider keeping them level now, "because whatever isn't paying interest will pay off the capital instead", said Katie Tucker of Charcol.

"Now that bank rate has started falling, just keeping their mortgage payments up at the level they are now used to, they could reward themselves with an early finish to their mortgage.

"By paying it off even a few years early it can make a difference to your quality of life not only because of age, but because of the money you free up to spend on other things."

Council of Mortgage Lenders spokesperson Sue Anderson told Channel 4's News at Noon that Ms Anderson said that the housing market prognosis "isn't nearly as gloomy as is being painted out there some of the time".

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