Mortgage free: How homeowners slashed length of mortgage – repaying loan 11 years early

From saving for a mortgage deposit to applying for the loan itself, getting on the property ladder can seem like a difficult task. But, once a homeowner has a mortgage, it may be that they set themselves the challenge of paying it off as soon as they can.


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With everyday living costs to consider, repaying the loan sooner than they had planned will be no mean feat for many people.

However, it seems that some savvy borrowers have managed to reduce the number of years they faced paying off a mortgage.

The homeowners shared some insight into their situation on the website Mumsnet.

It came as homeowner “brick15” began a thread, asking whether anyone had paid off their mortgage earlier, and if so, how they did it.

Responding to the question, Mumsnet user “Dockray” explained back in January last year that becoming mortgage free was something they were set to do in the near future.

“Ours is due to be paid off in the next year or so- 11 years early,” the homeowner wrote.

They went on to reveal some of the financial moves they’d made in order to pay off the mortgage.

“We used a combination of overpaying and offsetting,” the Mumsnet user penned.

“Every pay rise we increased the mortgage payments and didn’t adjust them down when interest rates fell.

“We also have our current and savings accounts offset against the mortgage so we aren’t paying interest against the equivalent amount of mortgage.

“We are now at a stage where we are interest free as the money in the offset account equals the mortgage.”

The homeowner explained that while they did have the funds to rid themselves of the loan, they had opted not to do so just yet.


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“Technically we could pay it off now but we want to keep our savings as a buffer for things going wrong so prefer to keep on with the monthly chipping away at the mortgage so we come out the end mortgage free and with savings,” they penned.

However, the efforts have not come without a struggle, “Dockray” explained, pointing out that they had had to balance the repayments with paying for childcare for three children.

“It’s been hard at times (especially with childcare costs for three kids) but it has been hugely satisfying to see the mortgage come down.”

Another person explained they had also managed to shorten their mortgage term by “decades”.

“Slipperboots” commented: “We overpaid and off set against our savings. We paid ours back decades early.

“We’ve been mortgage free for over 10 years.”

Another person to respond on the thread wrote: “We will have paid ours off this years over two years early, and we had already shortened the term by 10 years when we remortgaged.

“We are on a tracker, not a fix, so can overpay as much as we wish each month without penalties.”

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