The decision is not straightforward.
Martin Lewis and his Money Saving team have released a handy guide on what to do when it comes to saving or overpaying on your mortgage.
Other benefits of overpaying include not paying interest on the amount you overpay, and the money you save on interest beats the returns possible by putting it in savings. The simple rule of thumb according to Martin is if your mortgage rate is around the same, or higher than your savings rate, then it makes sense to overpay.
You can save such large sums of interest by overpaying because it doesn't just get rid of the debt – it gets rid of the interest you would have paid on that bit of borrowing in the future too.
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