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Reduce the long term cost of your mortgage

The last thing you want to think about is parting with more of your hard earned cash but it can be advantageous.

IFA and mortgage advisor Jon Nield from Clarke Nicklin Financial Planning highlights the benefits of chipping away at your mortgage payments.

He comments ‘Taking on a mortgage is tough. Whether you have saved to buy a new house or re-mortgaging, it can put a strain on finances alongside utility bills and other living costs.

‘A few years in, once everything has settled down, it’s well worthwhile considering overpaying your mortgage as there can be huge long term benefits.

‘If you have had a pay increase or just have more disposable cash it may be the time to consider it. Just a small amount could have quite an impact to significantly reduce the term, and long term payments.

‘By paying as little as £75 a month extra over 20 years on a £150,000 mortgage (interest rate calculated at 3.5%) could save you just over £7,000 in interest alone and you would pay off the debt just over two years early. And, at any time you can reduce the payments back to the original payment

‘Ensure though that you are aware of any early repayment fees which some lenders may charge. ‘

Ideally sit down with your mortgage advisor to ascertain the best approach. If you need any help or assistance with your mortgage please do not hesitate to contact Kath on 0161 495 4700 or email

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it. Think carefully before securing other debts against your home.

Clarke Nicklin Financial Planning is a trading name of CNFP LLP, Company Number OC324909 and is authorised and regulated by the Financial Conduct Authority.


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Clarke Nicklin Financial Planning is a trading name of CNFP LLP, registered in England, company number OC324909. Registered Office: Clarke Nicklin House, Brooks Drive, Cheadle Royal Business Park, Cheadle, Stockport, SK8 3TD. Email:

CNFP LLP is authorised and regulated by the Financial Conduct Authority.

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