How can I pay off my mortgage early?

Paying off your mortgage early can seem like an impossible task but how nice would it be to actually know that you can cut years off your mortgage term and be mortgage free earlier?
Well, guess what… YOU CAN!!! Its totally do-able with the help of some little insights from our advisers and all without winning the lotto!!
Overpaying – Most lenders allow you to over pay by up to 10% of your mortgage balance per year and by overpaying you can bring the term down significantly, have a look at the following example to give you an idea of how this is possible.
 Based on a loan of £185,000, with an interest rate of 1.83% and a mortgage term of 25 years your monthly payment would be £769.00, if you were to overpay by £100 per month you would save £6,838 in interest alone and bring your mortgage term down by 3 years and 6 months!!
 Reducing your mortgage term – Reducing the mortgage term when you remortgage can be another way, this will mean your monthly re-payments will increase but you are committing to paying off your loan within a lesser term, so this should be expected. There is no fluidity with this option however and should only be entered into if you can afford the repayments long term.
Based on a loan of £185,000, with an interest rate of 1.83% and a mortgage term of 25 years your monthly payment would be £769.00, if you were to reduce your term by 5 years your payments would increase to £921 this is a difference of £152 and you will be mortgage free 5 years earlier.
 Using savings, bonuses or tax refunds – If you can’t commit to a regular monthly amount, why not reduce your mortgage by overpaying when you can with any unexpected income or a portion of your savings, this takes the pressure off trying to find that extra amount every month.
Based on a loan of £185,000, with an interest rate of 1.83% and a mortgage term of 25 years your monthly payment would be £769.00, if you were to make an additional £3000 lump sum payment per year using savings and other unexpected income you would save £13,411 in interest alone and bring your mortgage term down by 7 years!!
 Offset Mortgages – Although these vary from lender to lender the basic underlying principle is simple. Take out a mortgage and at the same time open a linked savings account. You only pay interest on the net difference.
For example, if your mortgage is £200,000 and you have savings of £50,000 then you are only charged interest on the difference of £150,000. Potentially over time this could save you large sums in interest enabling you to pay of the mortgage early.