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Mortgages

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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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Four bedroom PERIOD HOME, which has been renovated but yet retains ORIGINAL FEATURES. With modern kitchen diner, five piece bathroom, cosy snug to the lower floor, generous DRIVEWAY PARKING, a converted garage into home office/play room and so much more.EPC rating E47

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For sale by Modern Method of Auction; Starting Bid Price £45,000 plus reservation fee. Subject to an undisclosed reserve price. In need of modernisation and full refurbishment is this mid terrace two bedroom property benefitting from two bedrooms and rear parking. This property is for sale by West (...)

Wensley Street, Horbury, Wakefield

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* A mid terrace property* No chain & vacant possession* Two good sized bedrooms* Modern kitchen & bathroom* Low maintenance gardens* EPC rating D58

What Our Customers Say...

Amanda and the rest of the Richard Kendall team has been amazing throughout. We've had some people cancel on the viewings and didn't show up at all but the Team didn't fail to chase them as well as keeping us updated all the time. Also, thankful for the team for following our instruction throughout and keeping us in the loop when we've sold the house. Sarah 20/12/2024
The Kendalls team are very efficient!They always answer emails/ phone calls promptly and keep me well informed.They are happy to help with any queries and sort out ongoing jobs. Kelly Scoffins has worked very hard to help us, always cheerful, friendly and nothing we ask is too much trouble. NKB 20/12/2024
The Pontefract Branch of Richard Kendall Estate Agents (operating out of Normanton) sold my property recently and we were pleased with the overall service provided. Our initial contact with "Kendall's" was enough for us to select them over two competitors who also quoted for our business. The photographs of our property were excellent, but the initial draft of our property details was "boiler-plate" and required significant revision to reflect its locational characteristics. Thankfully, this revision was completed swiftly and did not delay our property going to market. The number of viewings was a little disappointing but reflected market conditions, the price point of our property and its semi-rural location. Despite the limited number of viewings we agreed a sale within two months of our property being put on the market; we achieved more than 98% of our asking price. Unfortunately, largely due to our buyers and their advisors, it took a further six months to achieve completion. Whilst this delay was frustrating, we were kept informed of the situation by Alison Atkinson who service was calm, responsive and excellent throughout; her personal performance was 5 star! Overall, we would recommend Richard Kendall to anyone contemplating the sale of their home. Ian 20/12/2024
We recently sold and bought a house through Richard Kendall with Sarah as our estate agent. She was brilliant throughout, she always kept us up to date with weekly updates, chased replies from solicitors/ other parties in the chain and anticipated our needs when different issues cropped up, making a stressful process a lot easier! We can’t thank Sarah and the rest of the Richard Kendall team enough for all their help! We highly recommend! Ellie 20/12/2024
Very helpful and professional, made the transaction very easy Emma 20/12/2024
I have just sold a property and the whole process was managed impeccably by Mandy Bennett. Throughout the sale I received regular progress updates, she coordinated with the solicitors and when needed she gave them a nudge to ensure the sale proceeded promptly.  I cannot praise Mandy highly enough, she is a pleasure to work with and her professionalism and proactive approach resulted in a speedy and stress free sale. Davd 20/12/2024
We have recently sold our property via Kendalls @ Wakefield. Our allocated agents, Shireen and Catherine dealt with a difficult sale very professionally and were always on hand to offer help and assistance. The fee was very attractive. A first sale fell through due to the purchasers home developing an issue, but a new buyer was found and the sale proceeded without any issues. Well done. Jill 20/12/2024
Many thanks Karen for your help and kindness Karen went above and beyondto help me with the saleShe kept me updated every step of the way Her service to me was second to none Thank You Karen Jean 20/12/2024
Donna and Suzanne were amazing for the purchase of our family home. They were professional and kept us informed with every step. They chased solicitors on a regular basis and answered any questions we had. Our only regret was not using them for the sale of our property, as we could not fault the service provided. Hannalease 20/12/2024

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