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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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Latest Properties

Horbury Road, Wakefield

£1,100 PCM

2    1    1   

UnfurnishedA deceptively spacious two double bedroom semi-detached bungalow having been recently decorated and carpeted with excellent transport links into Wakefield and surrounding areas on a main bus route as well as a short drive to the M1 motorway.

Thornes Road, Wakefield

£1,350 PCM

3    2    1   

UnfurnishedA deceptively spacious three bedroom property set over four levels having recently been re-decorated and with some new carpets and floor coverings with the added benefit of a converted basement.

Craig Hopson Avenue, Castleford

£350,000

4    2    1   

SUPERBLY PRESENTED throughout is this FOUR BEDROOM (main bedroom with en suite) detached property boasting off road parking and ATTRACTIVE gardens. VIEWING ESSENTIAL. EPC rating B83.

Serenity Close, Stanley, Wakefield

£295,000

3    2    1   

A well presented semi detached home located on City Fields boasting THREE BEDROOMS (main with en suite), modern fitted kitchen open to the lounge/dining room, AMPLE off road parking and ENCLOSED rear garden. VIRTUAL TOUR AVAILABLE. EPC rating B86.

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Joanne and Donna have been truly outstanding throughout my sale. I can’t thank either of them enough for the work they have put in. They’ve shouldered every bit of emotion and supported me beyond belief - I’m not sure this sale would have completed without them. I couldn’t recommend RK’s enough, and would like to recognise their professionalism, hard work, determination and attitude shown. Thank you to the team at Richard Kendall’s and thank you especially to both Joanne and Donna! Sam 15/07/2024
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Richard Kendal have been amazing during the whole process of me selling my house. Catherine ensured my valuation was booked in quickly to get the process moving along. My house went up on the market and was sold in the first couple of days. I can’t thank Catherine and Shireen enough for their support and updates throughout the whole sale! Would recommend! Tyler 15/07/2024
I cannot recommend agent Karen Marijewko at Richard Kendall Wakefield, highly enough for her outstanding professionalism and attention to detail throughout our property buying experience. From the initial viewing to the final signing, Karen demonstrated a deep understanding of the market and superb negotiation skills. Her dedication and commitment to finding us the perfect property did not go unnoticed. Thanks to Karen, we were able to secure the beautiful property at Western Road, Tingley, which we now call home. If you are looking for a knowledgeable and attentive estate agent, look no further than Karen Marijewko at Richard Kendall. Steven 15/07/2024
We sold two properties in Ossett, and the support and help we received from the Ossett office, and Lucy in particular, was fantastic. Both sales were problematic to some extent, one requiring a deed of variation, and the other one requiring additional documentation from the buyer and their solicitor. On multiple occasions, Lucy helped coordinate activities and actions across both sets of solicitors, and the buyer and seller, ensuring that the sales both went to completion. Without her involvement, at least one of the sales would have fallen through. The original marketing of the properties and guidance on asking price was done very professionally, and Richard Kendall’s support in allowing one of the buyers to rent out the property as the sale went through allowed us to accept a slightly lower asking price. I would happily recommend them, and would use them again for future purchases and sales. Andy 15/07/2024
First class service as always, we always use Richard Kendall & we wouldn’t use anyone else. Thank you to Helen who was brilliant & very efficient. Teresa 15/07/2024

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