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Most people that have a mortgage like the idea of being mortgage free. Having no debt can bring a great feeling of freedom and with a mortgage usually being for twenty five years it can feel a long way away. There are many people though, that have managed to pay their mortgage off early.

Firstly it is wise to see whether you are overpaying for your mortgage. If you can switch to a different lender, then you could end up saving a lot of money in interest and this money could be used to pay extra off the remaining outstanding balance. Do be careful though as you could be charged for leaving your current provider and for taking out a new one so find out what those fees are and take those into account when you are calculating whether it is worth moving.

You may have other debts as well which are costing you a lot of money in interest charges and fees. It can be wise to pay those off before the mortgage in some cases, so that you are better off in the long run. Do an assessment of what debts you have, such as credit cards, overdrafts and loans and see how much they are costing you.

If you have savings, then it could be worth using those to pay off some of the mortgage. It is very rare for savings to earn more interest than you will be charged for a loan. Therefore you could be better off cashing in the savings and paying off some debt. You need not worry about having money to fall back on if you have an overdraft or credit card as you will have those as options should you need them, but hopefully you will not.

Cutting your spending can help a lot with reducing your mortgage. If you can spend less each month, you will be able to put a bit more towards the mortgage and start to pay it off more quickly. If you shop more carefully, thinking about whether you are buying only what you need and picking the cheapest options, it should help you to be able to spend less money. Also switching to cheaper suppliers, brands and shops can help keep your spending down.

Earning more can have a big influence as well, as long as you keep the extra towards the mortgage. You may be able to work more hours, get a pay rise or change your job to one that pays more. You could even work a second job as well. Whether this is something during evenings and weekends at times when you are not doing your other job or odd hours here and there, it can add up. You may be able to work from home, do freelance work or even start a business. There are a lot of opportunities out there.

It is worth considering what you would like to do in order to pay your mortgage off more quickly. You may be prepared to make lots of changes and earn more, spend less, switch lenders to hope that it will be gone. You may rather just do one or a few things to help.