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Bonus payments could help complete mortgage deals with ease

29/01/2008

Bonuses paid out through workforces could save homeowners thousands of pounds and simply complete their mortgage deals more efficently.

Monthly repayments towards mortgages could help ease the strain in the long term, many people which are retriving a bonus in their January wage packet, or taking advantage of their slight pay rise, mortgage broker Charcol.co.uk feels completing a mortgage deal with this excess cash would save people from getting into large debts.

Technical manager, Katie Tucker commented: "Simply overpaying an extra £50 per month will bring a £150,000 25-year mortgage down from 25 years to 22 years, and save you a whopping £17,415 on the cost of your mortgage over the term."

Keeping up to date with mortgage payments first is crucial, because with interest rates being at its peak, reducing debt saves people even more each month, the Charcol team explained in more detail.

"January payday is blessed relief for many, as the costs of Christmas and thread-bare January can be remedied by the last of the January sales," Ms Tucker added.


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