{"id":5886,"date":"2024-12-01T16:04:28","date_gmt":"2024-12-01T14:04:28","guid":{"rendered":"https:\/\/staging.moneyhub.ee\/?p=5886"},"modified":"2025-02-04T12:21:51","modified_gmt":"2025-02-04T10:21:51","slug":"save-mortgage-payments","status":"publish","type":"post","link":"https:\/\/staging.moneyhub.ee\/en\/useful\/articles\/save-mortgage-payments\/","title":{"rendered":"6 ways you can shave years off your mortgage"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5886\" class=\"elementor elementor-5886\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4954baa3 e-flex e-con-boxed e-con e-parent\" data-id=\"4954baa3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3b51432b elementor-widget elementor-widget-shortcode\" data-id=\"3b51432b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><\/p><\/nav><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5c8004aa e-flex e-con-boxed e-con e-parent\" data-id=\"5c8004aa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-f93ea10 ddddf e-flex e-con-boxed e-con e-child\" data-id=\"f93ea10\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-10eddc9 elementor-widget elementor-widget-heading\" data-id=\"10eddc9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">6 ways you can shave years off your mortgage<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1fd0888e e-flex e-con-boxed e-con e-parent\" data-id=\"1fd0888e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-479d393d elementor-widget elementor-widget-image\" data-id=\"479d393d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"2240\" height=\"1260\" src=\"https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30.png\" class=\"attachment-full size-full wp-image-5892\" alt=\"Picture of coins next to a model house\" srcset=\"https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30.png 2240w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-300x169.png 300w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-1024x576.png 1024w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-768x432.png 768w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-1536x864.png 1536w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-2048x1152.png 2048w\" sizes=\"(max-width: 2240px) 100vw, 2240px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-24881dbf e-flex e-con-boxed e-con e-parent\" data-id=\"24881dbf\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-62b1866b elementor-widget elementor-widget-heading\" data-id=\"62b1866b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">6 ways you can shave years off your mortgage<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f001033 elementor-widget elementor-widget-text-editor\" data-id=\"4f001033\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Mortgages are your biggest monthly outgoing. It would significantly boost your lifestyle if you did not have to pay this each month. There are ways to reduce your mortgage length; here are seven tips.<\/span><\/p><p>\u00a0<\/p><h2><span style=\"font-weight: 400;\">1. Make additional overpayments<\/span><\/h2><p><span style=\"font-weight: 400;\">This may sound obvious, but making additional payments can save you more in the long term. Every extra pound you add can reduce the interest you will pay and the <a href=\"https:\/\/staging.moneyhub.ee\/money\/mortgages\/\">mortgage&#8217;s length<\/a>.<\/span><\/p><p><span style=\"font-weight: 400;\">Making additional payments depends on your personal circumstances. Can you afford to do this? With the current cost of living crisis, finances are walloped by the present economic situation, and many feel that paying extra is not an option.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Many lenders permit a certain amount of fixed payments annually, then apply an overpayment penalty. If so, ensure you continue to put money aside but in a savings account so that when you can make a lump sum, it is there to pay off your mortgage sooner.\u00a0<\/span><\/p><h2><span style=\"font-weight: 400;\">2. Get a lodger<\/span><\/h2><p><span style=\"font-weight: 400;\">Renting a furnished room in your house could add on thousands of euros to your income, making it able to help with your monthly mortgage payments<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">You can pay off your mortgage faster if you pour the cash you make from a lodger into a mortgage overpayment.<\/span><\/p><h2><span style=\"font-weight: 400;\">3. Rent out your driveway<\/span><\/h2><p><span style=\"font-weight: 400;\">If having a lodger living with you sounds too daunting, then why not use your house to help pay your mortgage in another way &#8211; rent out your driveway?<\/span><\/p><p><span style=\"font-weight: 400;\">With car parks now horrifically expensive, both commuters and <a href=\"https:\/\/staging.moneyhub.ee\/household\/travel\/\">tourists<\/a> alike are searching for cheaper ways to park their cars before beginning their daily schedules. If you&#8217;re out for most of the day and your driveway is empty, then why rent it out to someone close by? <\/span><a href=\"https:\/\/www.parkonmydrive.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Park On My Drive<\/span><\/a><span style=\"font-weight: 400;\"> is one such website where you can advertise your parking space and make more money to pay off your mortgage, especially if you love close to a stadium, airport or the city centre!<\/span><\/p><p><span style=\"font-weight: 400;\">Save your cash, and when your next remortgage pays off a lump sum.\u00a0<\/span><\/p><h2><span style=\"font-weight: 400;\">4. Use cashback credit cards and websites<\/span><\/h2><p><span style=\"font-weight: 400;\">Every day, people must spend money; that&#8217;s a given. So why not get something back for all the goods you buy?\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\"><a href=\"https:\/\/staging.moneyhub.ee\/money\/credit-cards\/\">Cashback credit cards<\/a> do precisely this &#8211; allowing you to earn a percentage of your everyday spending using the card. However, there is a slight caveat here: cashback credit cards are only helpful if you repay the balance in full each month. If you don&#8217;t, the interest is higher than the cashback offered, thus negating the point of using the card.<\/span><\/p><p><span style=\"font-weight: 400;\">Furthermore, some websites only offer cashback if you book through their website and not other retailers, so check these out before making any purchases. You don&#8217;t have to sign up to get a credit card to use it; make sure you are putting your cashback savings aside to pay off your mortgage.<\/span><\/p><p><span style=\"font-weight: 400;\">Any little you can make will help pay off your mortgage interest and save you years on the mortgage length.<\/span><\/p><h2><span style=\"font-weight: 400;\">5. Reduce your outgoing bills<\/span><\/h2><p><span style=\"font-weight: 400;\">People need to improve at ensuring they minimise their monthly outgoings. This is a way to free up extra pounds &#8211; it&#8217;s time to look at your household bills.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Switching energy providers is a sure way you can save money. MoneyHub<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/energy\/\"><span style=\"font-weight: 400;\"> lists the cheapest energy suppliers<\/span><\/a><span style=\"font-weight: 400;\"> that you can switch to, and if you take energy company&#8217;s duel fuel discounts (by buying both electricity and gas from them), you can save even more euros.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">MoneyHub has a great price comparison section to <\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/news\/price-updates\/\"><span style=\"font-weight: 400;\">compare your weekly grocery shop<\/span><\/a><span style=\"font-weight: 400;\"> and determine which is cheapest to buy from. Yes, it takes longer to check, but your savings could be substantial.<\/span><\/p><p><span style=\"font-weight: 400;\">With your savings from your monthly outgoings, ensure you put them aside and are strict about not spending it!<\/span><\/p><h3><span style=\"font-weight: 400;\">6. Not spending your lump sums<\/span><\/h3><p><span style=\"font-weight: 400;\">Whether an annual bonus from work or inheritance, it&#8217;s tempting to splash the cash on something you&#8217;ve longed to do for ages.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Go on that dream holiday, get the kitchen redone by a conservatory or get a newer, more expensive car.<\/span><\/p><p><span style=\"font-weight: 400;\">Always remember that if you can place some of your windfalls aside to overpay your mortgage, you will save thousands of pounds in interest in the long term.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">All savings you make, whether from your weekly shop or additional income, should all be routed into paying off your mortgage. Paying a little now will eventually save you a lot more and bring you closer to finally living a mortgage-free life! <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Mortgages are your biggest monthly outgoing. It would significantly boost your lifestyle if you did not have to pay this each month. There are ways to reduce your mortgage length; here are seven tips.<\/p>\n<p>This may sound obvious, but making additional payments can save you more in the long term. Every extra pound you add can reduce the interest you will pay and the mortgage\u2019s length.<\/p>\n<p>Making additional payments depends on your personal circumstances. Can you afford to do this? With the current cost of living crisis, finances are walloped by the present economic situation, and many feel that paying extra is not an option. <\/p>\n<p>Many lenders permit a certain amount of fixed payments annually, then apply an overpayment penalty. If so, ensure you continue to put money aside but in a savings account so that when you can make a lump sum, it is there to pay off your mortgage sooner. <\/p>\n","protected":false},"author":3,"featured_media":5892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[21,20],"tags":[],"class_list":["post-5886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-useful"],"acf":[],"blog_post_layout_featured_media_urls":{"thumbnail":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-150x150.png",150,150,true],"full":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30.png",2240,1260,false]},"categories_names":{"21":{"name":"Articles","link":"https:\/\/staging.moneyhub.ee\/en\/category\/useful\/articles\/"},"20":{"name":"Useful Info","link":"https:\/\/staging.moneyhub.ee\/en\/category\/useful\/"}},"tags_names":[],"comments_number":"1","rttpg_featured_image_url":{"full":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30.png",2240,1260,false],"landscape":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30.png",2240,1260,false],"portraits":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30.png",2240,1260,false],"thumbnail":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-150x150.png",150,150,true],"medium":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-300x169.png",300,169,true],"large":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-1024x576.png",800,450,true],"1536x1536":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-1536x864.png",1536,864,true],"2048x2048":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2023\/12\/Untitled-design-30-2048x1152.png",2048,1152,true]},"rttpg_author":{"display_name":"David Bailey","author_link":"https:\/\/staging.moneyhub.ee\/en\/author\/davidbailey\/"},"rttpg_comment":1,"rttpg_category":"<a href=\"https:\/\/staging.moneyhub.ee\/en\/category\/useful\/articles\/\" rel=\"category tag\">Articles<\/a> <a href=\"https:\/\/staging.moneyhub.ee\/en\/category\/useful\/\" rel=\"category tag\">Useful Info<\/a>","rttpg_excerpt":"Mortgages are your biggest monthly outgoing. It would significantly boost your lifestyle if you did not have to pay this each month. There are ways to reduce your mortgage length; here are seven tips. This may sound obvious, but making additional payments can save you more in the long term. Every extra pound you add&hellip;","_links":{"self":[{"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/posts\/5886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/comments?post=5886"}],"version-history":[{"count":0,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/posts\/5886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/media\/5892"}],"wp:attachment":[{"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/media?parent=5886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/categories?post=5886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/tags?post=5886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}