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

0 bed property in School Lane, Wakefield

School Lane, Walton, Wakefield

£135,000

For sale by Modern Method of Auction; Starting Bid Price £135,000 plus reservation fee. Subject to an undisclosed reserve price. Planning permission granted 10th October 2024 for a two/three bedroom, two storey detached bungalow. This property is for sale by West Yorkshire Property Auction powered (...)

Hallamshire Mews, Wakefield

£180,000

2 1 1

An end town house with TWO DOUBLE BEDROOMS, a modern kitchen, driveway providing off road parking and gardens to both the front and rear. VIEWING IS ESSENTIAL.EPC rating C72

Ferry Lane, Stanley, Wakefield

£225,000

2 1 1

An outstanding two bedroom end terrace home offers GENEROUS living space across three levels, enhanced by two versatile cellar rooms and a spacious, WELL MAINTAINED landscaped rear garden with a summerhouse, ideal for entertaining. VIRTUAL TOUR AVAILABLE. EPC rating C69,

4 bed property in Leeds Road, Castleford

Leeds Road, Glasshoughton, Castleford

Offers over £325,000

4 2 2

A deceptively SPACIOUS semi detached family home boasts four bedrooms, including an EN SUITE to the principal bedroom, three versatile reception rooms, and a substantial SOUTH FACING rear garden complete with a large garage/workshop. VIRTUAL TOUR AVAILABLE. EPC rating D56.

Very helpful estate agents thank you Ben 19/11/2024

Joanne and Donna were brilliant at keeping me updated with progress of my house sale. Multiple challenges with the buyers team, but Joanne and Donna worked tirelessly to keep things moving and in my opinion did a lot of the buyers teams work for them. Overall brilliant service that I’d recommend to anyone. Thanks again both for all your help. Regards, David David 19/11/2024

Richard Kendall, and Amanda Holt in particular, were brilliant throughout the whole buying process. As a nervous first time buyer, the regular updates from the lovely Amanda throughout the process were really helpful and put me at ease. Katie 19/11/2024

The service provided by Richard Kendall's has been amazing. Given there was no seamless crossover between having sold my family house and sourcing my new home at the end of my current completion I was eager to reduce the time spent in temporary accommodation. Karen Marijewko was my saviour, her knowledge, experience of the property industry and persistence to ensure everyone was doing what they were responsible for within the process continually were outstanding. Karen's professionalism and they way she managed incompetent solicitors was excellent. She was a great support and I can't thank her enough. Helen 19/11/2024

A smooth professional service with great communication throughout. Richard Kendall really did pull out all the stops over many months to ensure an extremely complicated transaction crossed the line. I'm not sure other agencies would have managed. Highly recommended Nick 19/11/2024

I would like to thank Richard kendall's for the efficient and excellent customer service they provided during the sale of my property. Which helped in what can be a stressful period flow smoothly. I would also like to personally thank and mention staff members, Catherine and Shireen for their regular feedback and their efficiency in dealing with the Solicitors and all other matters concerned during the sale. Mr N Hinchcliffe 19/11/2024

Highly recommended! Big thanks in particular to Amber at Richard Kendall for making my first house purchase easy. Any questions were answered with a lot of guidance, expertise and I was given great advice around areas I was unsure of, and lots of additional help where my solicitor wouldn't answer. As anyone knows, things can drag on, so it was always a pleasure to be met by cheerful and uplifting staff when waiting on hold ups through the chain. Everyone was professional, prompt, and pushed when others held up the chain, I feel like you couldn't ask for more when you know someone is doing their best and helping to chase regularly and keep things moving. It was much appreciated and I'd recommend them to anyone. Thanks so much to Amber and everyone at the company involved! Jonny 19/11/2024

Really helpful and kept me informed about my house sale. Richard 19/11/2024

Really helpful - Always called me back Spot on Leah was really good at chasing up vendors/solicitors thank you! Kyle 19/11/2024

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