With the base interest rates increasing and causing an increase in the cost of mortgages, it is better now to reduce your mortgage. If you add just a small amount to the payments that you make you would be able to save thousands of bucks over a period of time and reduce your extra years of mortgage.
In case you are a habitual saver it would be better that you diverted your cash into paying your mortgage and in case you don’t like saving then it would be better that you start cutting on your expenses.
You could either get money from buy to let scheme and earn tax free income which could be used for paying off your extra mortgage or you could go for a cheaper mortgage and use the savings for paying off your extra debt. There are a number of ways in which you could reduce your mortgage and also your tensions.
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