For those lucky enough to have a tracker mortgage at crazy rates as low as .75% – maybe its time to look at overpaying each month and thus you could considerable reduce the term of the mortgage and get rid of it quicker

Tracker mortgage are on a variable rate and thus not subject to any penalty if you wish to change it, furthermore banks cannot take away your tracker mortgage if you reduce  the term .

So how is it done, its simple, just ring mortgage services/customer services in your banks Head Office, don’t call into the bank they won’t have the figures – if you have 20 years left on your mortgage ask them for example what would the repayment be if you were to reduce to 15 years or better still reduce to 12 years- they will send these figures out in the post if you wish and gave you options to send back to them- Check these figures as to which best suits your current and future finances – its that simple

Also as a bonus if you agree to reduce your mortgage term – it may be well worth looking at changing your mortgage protection as the shorter term may have an impact in reducing the premium on premium that you pay each month

So go on don’t delay make that change today and you will be the better financially for it long term