Martin Lewis is advising people to conduct three important checks before deciding to overpay on their mortgage.
The Money Saving Expert founder, who previously shared tips on how people can save thousands of pounds by overpaying on their mortgage, highlighted three key things to consider before making an overpayment.
One of the tips involves checking for any overpayment penalties, as they could potentially negate any financial benefits. Speaking on the Martin Lewis Podcast on Wednesday (17 April), he emphasized the importance of ensuring that the overpayment reduces the term of the mortgage rather than just the monthly payments, as this is where significant savings can be made.
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