Mortgage rates may be falling, but for many households, their home loan still takes a big chunk out of the monthlyThe good news is that there’s a simple way borrowers can reduce their overall mortgage term, and therefore the total interest they’ll pay.app – the ‘mortgage tracker.’ After playing around with it, I realised the tool could help me cut time off my total mortgage.
With the Monzo calculator, you can find out how much a regular or a one-off lump sum overpayment could save you.In addition, you can see details of your borrowing in-app regardless of who your lender is. But if you are in the fortunate position of having a bit of cash to spare, you need to think about whether you have any expensivein place, in case of emergencies. This should be equivalent to between three and six months’ worth of outgoings and should be held in anChelsea said: “Another thing I love about the app is the fact I can see the progress I’m making. It’s great to see that I’ve already paid almost 10% of my mortgage, it feels like a big achievement.
With this feature from Monzo, you can keep money for important things separate from the rest of your balance – helping you to stay in control of your savings. Chelsea also likes the fact that she can set up a reminder to start looking for a new deal up to six months before her current deal ends.Remember that if you don’t have a Monzo account, there are other simple ways you can put money to one side.account on a regular basis. Be sure to shop around for the best savings rates using a site such asIF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.