In short, you would be able to pay of your mortgage quickly, by increasing your monthly payments or by paying in a lump sum to reduce the term of your mortgage.
However, this depends on various factors and it is important that you check what overpayment facility your lender allows. Most lenders will allow you to pay off up to 10% of your outstanding mortgage balance, each year penalty free.
If you are on the lender’s standard variable rate, then you are usually free to pay as much as you like on top of your monthly mortgage payment. You should always refer back to the original mortgage offer.
Please do contact one of our advisors, who can review your mortgage and current financial circumstances, to assist you in making a decision, suitable for you.
