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Best Mortgage Reduction Tips, How To Pay Off My Mortgage Early

Updated on April 10, 2012

How to pay a mortgage early? Why would you want to do that? Because mortgage reduction is the key to freedom!

We are in a time of very low interest rates. This has been the lowest for 300 years, according to Martin Lewis of Money Saving

I have a lot of respect for Mr Lewis! However, I would disagree with him on this occasion.

I believe that now we are less tied by the mortgage rate, now is the time to make hay whilst the sun shines.

Mortgage reduction must start now, if you value your home and your future.

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Look At The Realities Of Money Behaviour - Get Rid Of Debts First!

Dear Mr Martin Lewis (please see video). You are an incredible man and I have followed your tips avidly for a number of years now. However you advocate saving whilst interest rates are low because interest rates are at their lowest for over 300 years. It does seem common sense that people that are paying mortgage interest rates that are lower than savings account rates should stash their money in there. But, Mr Lewis, this is not going to be a long term solution. Interest rates will rise and as soon as those people are not on those tracker type mortgages, they will pay.

Martin Lewis on Mortgage Reduction. Should you pay your mortgage early?

We Are Adults and Responsible For Our Own Mortgage Actions!

Human behaviour is as such that many will not have the will power to keep that money in the account. Things come up and people dip into the cushion that should have been used for the mortgage. If it is there, and it is needed, they will spend it. If it is not there, i.e. in their mortgage, they have to find another way! At the end of the day, this money is a bonus due to the credit crunch. It is an extraordinary situation. If this situation wasn't in place, then the money wouldn't be available in the first place - it would be taken up in mortgage interest!

The government's sweeping statements can put people into a false sense of security. There have been recommendations set up as a safety net for those who fall into arrears, but that is exactly what this is ... recommendations and safety nets. We are all responsible for our debts and our lives. So when, as reported by Mr Lewis, that people have cancelled their policies, got into arrears, because the government have said they will step in and support them, who's fault is that?

We are all adults and responsible for our own actions. If you are responsible enough to have a mortgage, then you are responsible enough to be pay for it. Why deliberately put yourself in a vulnerable position and get into that level of debt where you put your home at risk? This is about prioritising what is important. Pay your mortgage first, THEN EAT!

Don't be manipulated by government, don't spend the money on stuff - pay the mortgage early!

A mortgage is a debt. It is a loan. You owe money on it. Before you save, you must pay your debts first. Surely that is common sense? This is the main reason why you should pay the mortgage off early. People over anaylise the issue. Make hay, therefore, whilst the sun shines. If you have a bit of money left over - get rid of the debt! This debt is eventual security. The roof over your head is a fundamental basic need. Mortgage reduction is the only route to go - provided you have paid the more costly debts like credit cards first, of course!

The government have forced interests rates to near zero. They are wanting us to spend the extra that we are saving from our mortgages in order to boost the overall economy. This, it is hoped, will help the cogs of industry to keep producing whilst we keep buying. In producing more things, it keeps people in employment, keeping unemployment levels down. This means that there is little burden on state benefits. So it is within the interest of the Government to keep the economy going. It is also good for business and the world. Of course, this is just part of the story – there are many other factors, however. Too many to mention in an internet article.

What I say is go against the created trend and manipulation from a greater power - don't spend your money on stuff ... pay the mortgage early!

Investments are risky. They might tempt you to get back more than you are putting in but it can't guarantee the pot of gold that is promised at the end of the rainbow. Remember the many stock market crashes? Don't be a mug, again, mortgage reduction is the best strategy to security. Once you have paid your mortgage, THEN take a gamble with future investments. You will be able to afford the loss once your mortgage is paid.

The more you pay off the mortgage - the better! Get rid of the debt. Have security for your old age. Concentrate on this first and everything else will follow.

Now I have stumbled on this lady - Suse Orma - and this woman makes sense. She takes after my own heart! Take a look at the video below!

Mortgage Reduction - It is the only way!

Mortgage Free - Don't Listen To The Experts!

I recently become mortgage free. I wrote an article about this. If you want to read it just Click Mortgage Free Here. I must say that mortgage reduction wasn't easy. It was hard and long but I am still young enough to enjoy the freedom and have security for the future. How did I pay off my mortgage early? By NOT listening to financial advisers and helping them with their mortgage reduction. Let them get there fees from those they scaremonger!

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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 imageAUTHOR


      9 years ago from Great Britain

      Kidgas.. thanks for visiting! Generally Martin Lewis is right, but as I said, it is about personal priorities to money. Yes, you should have a cushion - I used a credit card where I made money on purchases made (yes, capital one actually gave me money - o.5% on all purchases - and paid it all off at the end of the month). If any emergencies came up, I could give myself breathing space for rebudgeting with the credit card and would not pay off as much of the mortgage that month. It is about flexibility and an attitude to money.

      I know me... if there was a financial problem that came up, I would go out to a car boot, for example, flog some of my 'old rope' items and this would go to help resolve it. I would cut back on the food budget - live cheaply.

      I believe in neccesity is the mother of invention and will not go down without a fight. It is about finding another way, another solution to survival.

      We are all different kidgas. You are different to me and you might not feel comfortable about prioritising to the same extent as me. Im not a 'stuff' type of person, so to lose items is not a real hardship... but the roof over my head is and this is what I value more than anything else. To pay this off first is my priority - it adds to my security. It is about psychology.

      I hope you understand my message here:)

    • Kidgas profile image


      9 years ago from Indianapolis


      As you know, I would tend to agree with Mr. Lewis on this point for the simple scenario that he suggested. After paying in all the extra money to payoff the mortgage early, the person losing his job can't use that money for food so loses the house and all the extra cash over the years.

      I would advocate saving unless you know that you have a stash of cash for severe emergencies. Paying off the mortgage early should be the last priority after every other debt and adequate savings for one year of job loss.

      Congrats on being mortgage free.

    • profile image

      Payoff Mortgage Early 

      9 years ago

      This hub has great articles and videos, did you also know there's a free informational ebook and video that explains how to payoff your mortgage in 90 days so you wouldn't have to worry about foreclosure ever again? It's great information and a helpful tool to stop foreclosure.

    • shazwellyn profile imageAUTHOR


      9 years ago from Great Britain

      Hi Mike...It's about attitude to stuff, I think. If you have a perspective on what is important in life, you will achieve success. What I say is, whilst interest rates are low, use the opportunity to use the excess in what the important things. By paying your mortgage early, you are gaining in security - remember my article on Maslow and happiness? Well, in order to achieve happiness, you have to satisfy basic needs. A roof over your head is a basic need. Does that make sense?


    • Mike Lickteig profile image

      Mike Lickteig 

      9 years ago from Lawrence KS USA

      Congratulations on being mortgage free. I am not skilled in finance, but I believe there is an inherent benefit in owning your home without debt. I'm not there yet, but I'm trying.



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