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Compare mortgagesIf you click on the link and complete a mortgage with L&C Mortgages, L&C is paid a commission by the lender and will share part of this fee with Which? Ltd helping fund our not-for-profit mission. We do not allow this relationship to affect our editorial independence. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
If you can afford to do it, overpaying your mortgage can be a great way of saving money in the long run. By clearing the debt quicker, you'll spend less time paying interest on what you owe, which can mean saving thousands of pounds.
In the shorter term, overpaying your mortgage can also help you get a better deal when you come to remortgage. This is because you'll own a greater proportion of your home, meaning you can borrow at a lower LTV (loan-to-value ratio), which often means better rates.
But, only overpay what you can afford to as you'll no longer have easy access to those funds.
Use our mortgage calculator toolkit for help with your research on buying a home or remortgaging.
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