http://www.moneymagpie.com/article/how-to-pay-off-your-mortgage-in-double-quick-time?utm_source=rss&utm_medium=rss&utm_campaign=how-to-pay-off-your-mortgage-in-double-quick-time Just another WordPress site Tue, 22 May 2012 15:25:52 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://www.moneymagpie.com/article/how-to-pay-off-your-mortgage-in-double-quick-time#comment-1849 Natasha King Tue, 14 Apr 2009 12:00:18 +0000 http://moneymagpie-com.domain-ref.http.rubidium.lon.periodicnetwork.com/new/?p=823#comment-1849 If you have a fixed rate mortage that does not allow you to make extra payments, you should be able to reduce the term of the mortage and so make extra payments. This is what I did. I originally took out a 5 year fixed rate mortgage over 25 years, however I then realised that I had extra cash at the end of each month, so I reduced the term of the mortgage to 10 years without penalty and was able to increase my monthly payments. If you have a fixed rate mortage that does not allow you to make extra payments, you should be able to reduce the term of the mortage and so make extra payments. This is what I did. I originally took out a 5 year fixed rate mortgage over 25 years, however I then realised that I had extra cash at the end of each month, so I reduced the term of the mortgage to 10 years without penalty and was able to increase my monthly payments.

]]>