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

Search Properties

Free Valuation

Take advantage of a free no obligation valuation.

Register With Us

Want to keep up to date with properties you might be interested in? Register with us to receive regular property updates

Mortgages

We have a dedicated financial team in to assist with any mortgage advice you may need! Click here for more details.

Find Out More

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.

Contact us today for advice and expertise within the property market

Sunnyavenue*

Latest Properties

$2 bed property in Maxwell Street, Pontefract$

Maxwell Street, Featherstone, Pontefract

£180,000 Freehold

2 1 1

A WELL PRESENTED two bedroom bungalow with driveway, detached garage & gardens in POPULAR location. VIRTUAL TOUR AVAILABLE. Awaiting EPC rating.

Greentop, New Crofton, Wakefield

£195,000 Freehold

3 1 1

A MODERN three bedroom semi detached home in a cul-de-sac with SPACIOUS rear garden and driveway parking. VIRTUAL TOUR AVAILABLE. EPC rating D68.

$4 bed property in Norwood, Pontefract$

Norwood, Carleton, Pontefract

£775,000 Freehold

4 2 3

A SPACIOUS four bedroom detached family home with conservatory & DOUBLE GARAGE in sought after rural setting. VIEWING ESSENTIAL. Awaiting EPC rating.

The Orchard, Ossett

Offers over £130,000 Freehold

3 1 1

A three bedroom mid terrace in PRIME Ossett location – great POTENTIAL & garden space. VIEWING ESSENTIAL. EPC rating D68.

Fantastic agents. Kept us informed at every stage during the purchase of a property and provided information and reassurance Zara 01/08/2025

I had no experience in buying a house the staff namely Amber helped me every step of the way. Always upbeat and happy to answer any questions. Thank you. Customer 2 01/08/2025

Karen Marijewko was amazing from start to finish, always at the end of the phone and kept me in the loop at every stage! I wouldn't hesitate to recommend Karen and Richard Kendall to anyone! The only downside was as I don't live in Wakefield I went with a solicitor they recommended and I had to keep chasing them! I would recommend doing your research into the conveyancing! Richard 01/08/2025

Liz was amazing, kept us updated at every stage, nothing was too much trouble, excellent service would highly recommend Amanda 01/08/2025

We recently sold our house through Richard Kendall and throughout the whole process, Joanne did an amazing job looking after us. Keeping us informed and my stress levels under control. I wouldn't hesitate to recommend Joanne and Richard Kendall Estate Agency. Hazel Holdsworth David 01/08/2025

Having had a disastrous experience elsewhere, we turned to Richard Kendall Wakefield for help in selling our property. Their whole team were nothing but professional excellence from beginning to end with our property being processed from market to completion in a little less than 6 months. Special thanks to Cathrine and Shireen for their care and attention to detail with excellent communication at every stage of the process. THANKYOU ALL Team Wakefield. John 01/08/2025

Don't look elsewhere for an agent to sell your property. A big thank you to Karen Marijewko for being very proactive and keeping us informed on the sale of our house. We were lucky enough to have a smooth sale, but nonetheless made even easier with Karen's knowledge and helpful advice. In Karen's absence when on holiday etc, the Kendall team were able to help us with any enquiries, a really good team spirit within the company. Additionally, we'd like to say thank you to Danny who valued our property, and Andy the photographer, both were amazing in getting our property listed. We would highly recommend Kendalls to anyone looking to sell their property. Sonya 01/08/2025

All I can say is thank goodness for Amanda at the Pontefract branch! That woman has the patience of a saint and works tirelessly Fantastic commentator, genuine empathy and has supported us every step of the way with our sale If only every service provider worked like this then life would be a lot easier! Thanks Amanda for all your hard work!! Claire 01/08/2025

I couldn’t recommend Richard Kendall’s highly enough, Sarah was absolutely amazing and kept us sane throughout a complicated purchase. I hope never to move again but if did I would use them. Satah 01/08/2025

Get Social

Facebook

Check out our Facebook page to be the first to hear about property news and our latest properties

Tik Tok

Instagram

YouTube

View our latest property tours and videos

Get in Touch

If you are looking to buy, sell or let a property in Wakefield and surrounding areas or would like a FREE property valuation, contact us via the details below and a member of our team will be in touch.

Contact your nearest branch