How can you accelerate your mortgage? - Richard Kendall Estate Agents

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A mortgage typically lasts around 25–40 years, depending on how much your home deposit was and what you are willing to pay back per month. So, the longer you stretch your mortgage term, the cheaper your monthly repayments will be but the longer you will be paying back your mortgage. Making overpayments is a good way of paying your mortgage off quicker, whilst also reducing the amount of interest you will pay back.

Reduce your interest rates

By overpaying your mortgage, you are far better off in the long run as you save on your interest rates and shorten your overall loan term. The interest is added onto your mortgage loan daily, so by paying more quickly you reduce the amount of interest added.

How does it work?

Accelerating your mortgage occurs by overpaying on your monthly repayments or by performing weekly repayments rather than monthly. Before accelerating your mortgage, you need to check with your lender about the terms of your mortgage agreement and make them aware of what you are doing. This is because your lender could easily mistake your overpayments for reducing your next monthly repayment, when in fact you want to reduce your overall term.

If you are on a fixed-rate mortgage, it is harder to achieve acceleration as you are typically only able to overpay by 10%.* Sometimes it can be better to remortgage your home to escape a fixed-rate mortgage and get a variable-rate mortgage i.e on a fixed rate mortgage you are limited to overpay up to 10% with most banks/lenders, whereas on a variable rate, it can be unlimited giving you more flexibility. This allows you to overpay your mortgage without any early repayment charges. By paying more each time or by paying weekly, you reduce your outstanding mortgage quicker, resulting in a faster decrease in the amount owed on your mortgage.

What happens when I pay off my mortgage?

When you have finally paid off your mortgage sooner than you knew was possible, you will have a new sense of pride. You will now outright own your property and feel proud while noticing extra disposable cash each month.

Accelerating your mortgage can make a huge difference in your overall financial freedom throughout your life. By overpaying or making more frequent payments, it can take away a large amount of interest added to your owed amount. Speak to your lender to discover your options and see how you could gain financial freedom this summer.

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Our experience with Richard Kendal (or Karen Marijewko) has been absolutely brilliant. Karen has been a great help with advising us on what needs doing, ensuring smooth communications between ourselves and others and even advocating for ourselves when things weren’t going smoothly. We are incredibly grateful for all help and guidance during this time and wouldn’t hesitate to recommend to others. Thank you so much Karen. Sadie 13/01/2025

Of all the people I dealt with during the sale of my property, Elizabeth Cooke was by far the best. Her communication at every stage was excellent, underpinned by a detailed knowledge of every aspect of selling. She always did exactly what she said she would and was indefatigable in chasing up all the other parties in the chain. Her pleasant and friendly manner made conversations a pleasure. Jeff 13/01/2025

Just sold my mother’s house through Richard Kendall. I have to say that they were absolutely superb and I cannot recommend them highly enough. Mandy who dealt with our sale has been absolutely terrific and has taken so much stress out of the process by dealing with all solicitors and other estate agents. I am confident that the sale would not have gone through when it did without her involvement. Matthew 13/01/2025

We put our bungalow up for sale with Richard Kendall Estate Agents … Lucy at the Ossett branch was the lady who dealt with everything. Every viewing, every offer made and finally all aspects of the completion was carried out with a very friendly and professional manner. We would wholeheartedly recommend Lucy at the Ossett branch without a problem. Julie 13/01/2025

Fantastic service and that personal touch❤️...thanks to Amanda and all the team..happy home owner 🎊🏠 Katie 13/01/2025

The company kept me updated every step of the way. Elizabeth Cooke and Joanne looked after my sale and were so helpful and great to communicate with and most importantly always available. Joe Brooke was always a pleasure to deal with too. Jo 13/01/2025

Thanks to a great team at Richard Kendall, especially Amber who was our dedicated agent for the sale who provided feedback updates and post sales contact. Couldn't have wished for a better sales experience and will definitely use again or recommend. Andrew 13/01/2025

Sarah kept us informed the whole way through the process which was very useful in what turned out to be a rather stressful process, not in any way due to Sarah’s work. She was always responsive via email or followed up with a phone call. Thank you! Sarah 13/01/2025

The Richard Kendall team were fantastic when selling my property. Andy came to the house to take photographs and was professional, friendly and took brilliant photos. Donna and Suzanne were helpful and supportive all the way through, communicating with me and ensuring everything went through smoothly. Louise 13/01/2025

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