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Mortgage repayments

Mortgage payments? How to make a difference

How and when you make your mortgage payments could make a big difference to the overall amount you'll end up paying, and tailoring the payments to suit your needs will make life easier too.

Fortnightly payments versus monthly payments

You'll reduce the term and cost of your mortgage if you pay fortnightly rather than monthly. By splitting your monthly repayments in two you probably won't notice the difference but over the life of the Mortgage you'll pay less and you'll also reduce the term of the mortgage.

Interest only? Have a plan

Interest Only mortgages suits some people, but you need to have a plan for how you will pay off your mortgage.

Loan terms of 10yrs versus 30 yrs

If you pay off your mortgage in 10 instead of 30 years, the payments are higher but you'll pay much less in interest in the long term.

If you've got a 30 years mortgage term you can make extra payments providing you have a variable mortgage such as a Mortgage Simplifier that gives you more flexibility. Use the "Extra mortgage repayment calculator' to work out how much you could save and the years you will reduce of your loan term.

The benefits of extra mortgage payments

It could be worth making lump sum payments on your mortgage and there are added benefits of paying as often as you can simply because you could end up paying less in interest.

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