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Pay off mortgage debt as soon as possible, says expert

12/02/2008

People who own a Manchester property are being urged to make higher home loan payments every month in order to rid themselves of mortgage debt.

Broker Charcol.co.uk said borrowers who have been able to afford mortgage payments over the last year should consider keeping it that way.

This is because householders who maintain higher payments will own their home outright much sooner than those who make minimum repayments.

"Whatever isn't paying interest will pay off the capital instead", said Katie Tucker of Charcol.co.uk.

"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."

She said paying a mortgage off just a few years early could make a difference to someone's quality of life "because of the money you free up to spend on other things".

Ms Tucker's comments came as the Council of Mortgage Lenders' spokesperson Sue Anderson told Channel 4 News that the housing market prognosis "isn't nearly as gloomy as is being painted".

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