Martin Lewis explains key interest rule on whether to overpay your mortgage

MartinLewis explains key interest rule that decides whether to overpay your mortgage

It comes after financial comparison website, Moneyfacts.co.uk recently revealed that the typical two-year fixed mortgage hit 6% for the first time since December.

"Most have already factored in the Bank of England's likely 13th consecutive rise due this Thursday - the cheapest fixes are roughly 1% point higher than in April ." He went on to give the example - if you saved £10,000 at 3% this would earn £300 for the year, but if you used the same money to overpay a 5% mortgage it could reduce your costs by £500 over the same period.

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