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If you have a mortgage, sometimes it can seem like you will be paying it off forever. However, if you budget correctly and cut down on some items, you can pay your mortgage back much more quickly and own your house outright. If you want to pay back your mortgage more quickly, then some of these tips could help you to do just that:

What type of mortgage to get?

If you are looking for a mortgage that you can pay off early in the future, then the best type of mortgage to go for is a flexible mortgage. If you get a fixed mortgage then there will often be charges for paying your mortgage back early. Getting a flexible mortgage will allow you to pay less when you need to and then overpay when you have the chance. Also, with flexible mortgages the interest is calculated daily so the more money you pay back then the lower your interest payments will be.

Advantages of paying back early

The obvious advantage of paying your mortgage off early is that you will own your house outright and so have no more mortgage or housing payments to make. This will free up a large proportion of your income to spend on other things, or to save for retirement. Also, the quicker you pay back your mortgage, the less money you will actually pay. A mortgage paid over a long period of time can mean you pay almost as much in interest as the loan amount itself. Paying the mortgage back quickly will save you thousands of pounds in interest payments. In today's environment there is also no incentive to hang onto mortgage debt, as you can no longer gain tax relief on your mortgage.

Ways to pay back early

Obviously, paying back early involves overpaying on your mortgage. However, some mortgages have a minimum amount you can overpay by, which you might not be able to afford. If this is the case you should save for a number of months and then pay the amount in a large sum. It really can save you money paying back early. Paying back '100 a month extra on a '100,000 mortgage at 6% could save you nearly '30,000 in interest and you will pay the mortgage back six years earlier.

When you shouldn't pay off early

Despite there being a lot of good reasons to pay your mortgage back early, there are also reasons why you shouldn't. If you get charged large fees for overpayment, then paying back early might not be the best option. Also, if you have other debts at a higher rate, pay those back first before your mortgage as these debts are costing you more. There are also personal reasons why you might want to keep your mortgage, in that you might want to spend your money now whilst you are younger and enjoy yourself. You might also want to use the extra money you have for investments, which if you can cope with the risk might yield better financial results.

Paying off is better

For most people, the quicker you can pay off your mortgage the better. Although you might have to sacrifice a few luxuries, the money you can save is worth it. If your wage increases, instead of spending more each month you should use the extra money to pay off your mortgage.