4 Benefits Of Paying Off Mortgage Early #mortgage #homeownership

Why Paying Off Your Mortgage Early Can Be A Great Investment  #mortgage #homeownership #personalfinance #moneytips

Transcript

00:00Paying your mortgage off early has a number of benefits. Firstly, it gives you increased

00:04peace of mind and reduces your risk. As the smaller your mortgage is, the less chance you'll

00:09have of financial problems, for example, covering a period of unemployment or long-term illness.

00:15Secondly, it lowers your debt to income ratio, which may enable you to secure additional loans

00:20to fund other investments or business ventures. It can also have tax benefits. If you're investing

00:25in stocks and shares, then any income or capital gains outside an ISA is taxed. In contrast,

00:31paying down your mortgage delivers a tax-free return via the future interest payments that

00:36you'll never need to pay. And the final point is that it's simple. You just make the early

00:41mortgage payment online or over the phone with your bank compared with investing in stocks or

00:45shares where you really need to research before investing.