Affordable mortgage is different from cheap mortgage. By remortgaging frequently, you can keep your mortgage affordable. However, you must remember that anytime you remortgage, you need to shorten your mortgage term.

Otherwise, you will just get more expensive mortgage in the long run. Remember that the longer your mortgage term is, the more interest you have to cover on your overall mortgage. The following is a guide to help you keep your mortgage to be both cheap and affordable so that you can only repay as little interest as possible.

1. Switch to a lower interest rate by remortgaging.
In order that you can reduce your monthly repayment, you need to remortgage. You need to do it not just because you are struggling with your payments but because you need to avoid paying unnecessary interest charges each month.

However, you must ensure yourself that you choose a new mortgage that offers you flexibility in making regular overpayments without penalty. Besides, choose a mortgage that the interest is calculated on daily basis rather that monthly or annually.

2. Keep making early payments.
It may be a good idea for you to trickily repay your mortgage faster rather than doing it regularly each month. It can reduce the interest in the repayment and furthermore you can keep up your previous monthly repayment.

Indeed it makes you overpay every month, but overall it reduces the outstanding amount of your loans more quickly. As the result, you can repay your loan with less interest.

3. Link up your accounts.
In flexible and offset mortgages, there is a chance you can do that is to link up your bank account to your mortgage. You can link up your mortgage to 4 or 5 accounts so that any money held in the accounts can reduce the balance of your outstanding mortgage.

Hence, you can reduce the amount of interest that you should pay as well. For example, in your saving account there is £5000 held, it will reduce the balance of your outstanding mortgage by £5000 as well.

If you can make it stable, you will be able to make your mortgage cheaper in the long run as you will be charged with less interest over your overall repayment.

End of part 1, I will continue more about this in the part 2.