A mortgage is always a burden. But it doesn’t have to be a lifelong one.

As with any form of debt, the longer you take to pay a mortgage back, the more unwieldy and crippling it becomes. Because there are so many different types of mortgage, and so many subtleties involved in interest rates and repayment terms, it’s important to have a clear and effective strategy in order to repay it quickly.

The first step is to choose a mortgage that suits your unique situation. In many cases, you can actually negotiate more favourable terms than the ones presented to you, though it helps to have an expert do this on your behalf.

Once you’ve committed to a mortgage, there are many paths you can take. Some will involve far more stress and anxiety than others, so it’s a good idea to come up with a repayment plan. Some of the things a One50 advisor might suggest include:

  • Put more income aside. This is an obvious one, but it can be seriously helpful to get advice about how to maximise repayments and minimise other spendings.
  • Reduce your loan term. By shortening the term of your loan, you can reduce your interest rates. Though your repayment amounts will also increase, they’ll be chipping away at the loan itself rather than additional interest.
  • Review your mortgage structure. Given how long a mortgage takes to repay, a lot can change in the market in the meantime. It’s important to make sure you’re on the right plan at all times.