Overpaying on your mortgage can cut down the time it takes for you to repay the loan, and therefore the amount of interest you pay in total. If you’re beyond an introductory deal and are paying your lender’s standard variable rate (SVR), you can usually overpay by as much as you want.

Most lenders allow you to pay 10% of your mortgage balance as an overpayment per year if you’re still in your introductory fixed, tracker or discount period. However, the 10% rule is not universal.

But there are also downsides to be aware of. Some lenders may penalise those who try to overpay.