How to save money on your mortgage according to the BBC:
1 "If you still have some time on a low fixed-rate deal, you might be able to pay more now to save later."
HALF TRUTH - The most you can overpay is usually 10% a year
2 "Move to an interest-only mortgage. It can keep your monthly payments affordable although you won't be paying off the debt accrued when purchasing your house."
LIE - This is not a saving, it is actually more expensive than a normal Repayment mortgage as the interest is a function of the capital which never reduces. You then hit retirement age and have to sell your house. It's actually worse than renting.
"Extend the life of your mortgage. The typical mortgage term is 25 years, but 30 and even 40-year terms are now available."
Another LIE. Extending the term of your mortgage is more expensive than paying it off early because you end up paying more interest.
Here endeth my financial advice.
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