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Best Mortgage Reduction Information, Be Mortgage Free And Learn How To Pay A Mortgage Early

Updated on March 22, 2013

How to pay a mortgage early? This is no easy task. However, I have done it. I am mortgage free! How did I do it? Well this article will tell you. Mortgage reduction is not about the debt – it is about you! You need to change! If you change your spending behaviour, then you can reduce your mortgage. Become like me – be free… be mortgage free!

So what does this take?

In order to understand mortgage reduction, you have to understand yourself.

The way you spend money and change it.

If you are serious about becoming mortgage free, you have to focus upon the effort.

This has its rewards but it also has a lot to do with you.

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Want to be mortgage free? What are your priorities?

You need to ask yourself about your priorities in life. Is being mortgage free the number one ambition? If it is, then you have the motivation and drive to achieve your goal. Why? Because you are prepared to sacrifice and live life more frugally than before. If you aren’t prepared to make certain sacrifices, then leave this article now – it isn’t for you and you aren’t as committed as you think you are.

Don't Be A Puppet To Your Mortgage - Be Mortgage Free!
Don't Be A Puppet To Your Mortgage - Be Mortgage Free!

Mortgage Reduction: Small Steps Make Great Strides!

Mortgage reduction and acceleration requires you to add more money into the kitty. This is obvious isn’t it? But the extra money has to come from somewhere. So tighten up your purse strings and shove the excess into your mortgage.

You might think that this huge amount of money owed is a ‘bottomless pit’ now, but it won’t always be like this. The psychological aspect of retraining your mind can help you see things differently. Don’t think about how far you have to go to the end of this mortgage journey, just think about it in terms of small steps making great strides.

Give yourself small mortgage reduction goals. Underestimate these goals so as it gives you the opportunity to surpass them. This makes you feel successful in your small achievements – there is nothing better than achieving more than you anticipated! I used to set these goals on a month-by-month basis and as I stashed money in, whenever there was a little that came my way, I used to write it down and deduct it from my final total.

Take It One Step At A Time

Small Steps Lead To Big Strides!
Small Steps Lead To Big Strides!

Make Compound Interest Go Your Way - Not The Banks!

Compound interest has a snow ball effect. You are paying a lot more than you think you are. It helped me to keep in mind that every £1 put in the mortgage pot, this equalled to £3 by the end of the term, on average.

I trained my mind in terms of this. When I felt like frittering a £1 on something wasteful in the shops. Instead of thinking the item was only a £1, to me it was worth £3! Would I rather have the item or £3 at the end of my mortgage term off? I, therefore, have changed my spending behaviour. My mortgage was my priority, not a silly bit of ‘stuff’ that was going to hinder me from my focus.

Useful Free Tool To Help You See How Much You REALLY Save!

The Light At The End Of The Tunnel... And Believe Me, You Will Find The Light!
The Light At The End Of The Tunnel... And Believe Me, You Will Find The Light!

Paying your mortgage early is all about you!

Now how was I going to pay my mortgage early without using my own money? I like free money, don’t you? Well, by negotiating better deals at the end of the ‘special offer’ period, I found that I was getting better interest rates by shopping around. I always kept an eye on my mortgage contract, awaiting the opportunity to be disloyal and grab a mortgage bargain. You need to do this two months before the end of your contracted period.

The key is to work out the math and commit to a short-term contract of, say, 2 years. This is because the economy is always changing and you need to be able to have the chance to reassess regularly. You need flexibility! Don’t be tied down to a long fixed term contract. It might seem good at the time - you know where you stand with these and know exactly how much you need to budget for, but if you are determined to focus on mortgage reduction, then why not empower yourself to take control? As I said, it is all about you!

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Bank It To The Mortgage!
Bank It To The Mortgage!

I liked my interest only mortgage - I could rely on myself!

I always went for an interest only mortgage. This is because I knew that I could rely on myself to reduce the mortgage when possible. It meant that it just about covered the interest without reducing the capital owed. I also wanted to take into account of potential eventualities, like higher interest rates, for example.

I liked my interest only mortgage, because it made payments flexible. For example, if I came across financial problems, then I knew that I could survive these times. At other times, when I was more affluent, I could optimise mortgage reduction by paying more off. This is not for the faint-hearted, however. Again, it is about you, your attitude and motivation to what is important. For me, it was getting rid of the mortgage!

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Get Out Of Jail Free!

Don't feel trapped by your mortgage, take control and take action now!
Don't feel trapped by your mortgage, take control and take action now!

How to stop yourself from buying that expensive item in the window:

Think of it plonked on top of a table top, without the packaging, at a car boot sale – how much would you pay for it then?

You can rewire your brain and pay your mortgage early!

By living frugally, helps with mortgage reduction.

Frugal living, as I have already mentioned, was a crucial component to mortgage reduction. I was never destined to inherit money or have a high paying job so in order to become mortgage free I learned to budget.

I am not a ‘stuff’ person. I have learned what is important and that is satisfying basic human need. This is about a roof over my head (my mortgage relates to this), food, heating, lighting and clothing. Without these, how could I reach my full potential? Full potential is about self actualisation, as Maslow, would say. What is this? Well to understand this, you need to click on Psychology 101:: What Makes People Happy? – it might help you to achieve your potential too!

Aim To Be A Beach Bum!

Pay your mortgage off early and by living life frugally, you can have a life with relaxation!
Pay your mortgage off early and by living life frugally, you can have a life with relaxation!

Don't Be Wasteful, Reduce Your Mortgage!

Items and goods are tools to help us with daily living. If you have that concept, you might be half way there to focusing money on mortgage reduction.

I have lived on car boot items for years. There is nothing wrong with this. People are so wasteful and whilst they are concentrating on instant shopping gratification, people like me are living off them and paying our mortgages off!

Car booting are like garage sales. I have written about this and found ways of not only living on these items, but selling them on. This is yet another way to make money and pay off the mortgage early! This article - English Traditional: Table Top Sale; Fleamarket; Jumble Sale; Car Booting - will give you great tips on car booting, frugal spending and ways to make money. Why not buy items from car boots and sell them on Ebay or Amazon? For making money from this click on How To Earn Online Money with Amazon – A Guide To Getting Started!

Again, if you want to pay off your mortgage early, change your behaviour and live life frugally.

Enjoy The Fruits Of Your Labour!

Abundant Fruit Bowl
Abundant Fruit Bowl

Cut back on the shopping bill - make it yourself!

Cutting back on the food budget can help with mortgage reduction.  How is this possible?  Instead of buying expensive packaged ready meals, make them yourself.  Cook bulk loads of freeze able items and pop them in a freezer for handy instant meals at your fingertips.  The money that you save, you can stick in the mortgage!  Remember for every £1 saved, it equals to £3 by the end of a mortgage term.  Every little helps!  Not only is own cooked food good for you, but it is cheaper and doesn’t really take as long as you think to prepare.

Some Money Saving Tips - Use What You Save For Your Mortgage!

Pay off your mortgage early and live life whilst you are still young enough to enjoy it!

So, are you up to it? Can you live life frugally? Can you go beyond the ego of store shopping? Is mortgage reduction important enough to sacrifice conventional new items for pre-owned ones in charity shops or car boot sales? If you are just too ‘beyond all that’ to stoop down to those levels – I wish you and your mortgage well. If not, you will achieve your objective. You will pay off your mortgage early and live life whilst you are still young enough to enjoy it.

© This work is covered under Creative Commons License


Use this article at your own risk. This article does not give financial or mortgage advice, neither does it give legal opinions.  Any action or outcome that may result from this article is the sole responsibility of the reader.  This and all my articles assumes no responsibility or legal claim against them.


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    • shazwellyn profile image

      shazwellyn 6 years ago from Great Britain

      Aishamiller - I think it is about individual attitude and personality to money. Are you a 'spend today' person, or are you someone who wants, more than anything, to own your own home. If you are the latter, then an interest only mortgage is a good idea because you will be motivated enough to prioritise paying off the debt above and beyond the interest. For example, if you have an odd bit of money that you managed to save, then you would have the personality to just stick it in the mortgage, rather than spend it on that take away.

      Once you have the concept, the sooner you pay - the greater you save in the long run, you really do feel motivated to reduce your mortgage.

      So, in answer to your question - downsides of interest only are a matter of whether you are a survivor who prioritises your home, first and foremost, or not. It is entirely up to you.

    • shazwellyn profile image

      shazwellyn 7 years ago from Great Britain

      Sandyksk - you can achive it, keep chipping away!

    • Sandyksk profile image

      Sandy Jauregui 7 years ago from Sanger

      I tell myself, 'Use it, or lose it' and have sold or donated a lot of 'stuff' I didn't really 'need'.

      And if I don't ~buy~ the junk food, I can't ~eat~ it, so that works for me, too.

      Thanks for the inspiration...I'm going to try harder! :)

    • shazwellyn profile image

      shazwellyn 7 years ago from Great Britain

      Mike, it is really hard to get over the 'I want, Satisfy me' syndrome. When we are hungry, we look to eat - the aim of the game is make yourself better than ones base instinct. Make your consciousness be in control. Know your pitfalls, for example - I like chocolate... too much - don't buy it in the shops. No chocolate in the cupboards means harder to seek it out. Does that make sense?

      Thanks again Mike... always love your input :)

    • Mike Lickteig profile image

      Mike Lickteig 7 years ago from Lawrence KS USA

      Your commitment to your goal is admirable. Many people sadly go in the opposite direction and either refinance to gain more cash, or take out a home equity loan. Your resolve is a testament to your success. Nice going, Shaz!!!


    • shazwellyn profile image

      shazwellyn 7 years ago from Great Britain

      Really pleased you liked it voice. Thanks :)

    • thevoice profile image

      thevoice 7 years ago from carthage ill

      terrific fine quality hub work thanks