Use work bonuses to pay mortgage, expert says

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Use work bonuses to pay mortgage, expert says

Consumers should resist the temptation to blow any new year bonus or pay rise they receive and put it towards their mortgages instead, an expert has suggested.

Getting ahead with mortgage repayments can save thousands of pounds in the long run, according to independent mortgage company John Charcol.

Katie Tucker, a representative from the group, worked out how homeowners can save £17,415 on their mortgage over the whole term.

"Mortgage lenders normally allow you to pay up to £500 monthly or ten per cent of the debt, and for most your interest will be recalculated immediately," she remarked.

"Simply overpaying an extra £50 per month will bring a £150,000 25-year repayment mortgage down from 25 years to 22 years."

Lloyds TSB released research in December 2007 suggesting that 64 per cent of re-mortgagers were planning on reducing their spending over Christmas so that they could afford increased mortgage repayments.
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