July 26, 2018
Why take 30 years to pay off your mortgage when you could do it 10?
All too often borrowers default to the standard duration of 30 years on their mortgage term, and in the absence of better financial advice they trundle along never making much more progress than that. But over 30 years you will pay almost three times what you borrowed back to the bank! It doesn't have to be that way.
Imagine paying your mortgage off in 10 years! If you have debt that is four times your household income, you should be able to pay your mortgage off in 8 years. If that debt is five times your household income, you should aim for 11-12 years. If that ratio is more like 1 to 8 or 9, you’ve overstretched and it’s time to sell.
10 absolutely is the new 30 and having a plan to make that your reality will jump start you on the road to financial success.
Talk to one of our financial advisors today to learn how; call 0800 897 898 or book a consultation