Why overpaying helps
When you overpay, the extra goes straight off your outstanding balance. Because interest is charged on a smaller amount from then on, you pay less interest overall and clear the mortgage sooner.
Even a modest regular overpayment can make a surprising difference over the life of a mortgage. Just check whether your deal has an annual overpayment limit (often 10%) or early repayment charges before you commit.
Thinking about your options? Get mortgage advice or see what remortgaging could save.