Meet the people who repaid their mortgage years early – saving up to £45,000

First-time buyers are borrowing for mortgages lasting an average of more than three decades because of affordability pressures.

This could leave them borrowing until retirement – unless they take action.

It’s why many people prioritise overpaying their mortgage to reduce what they owe and even pay off their mortgage decades early.

Shorts

Though the rules vary from lender to lender, most banks will allow you to overpay 10 per cent of your mortgage balance each year without penalty – though always check before you do.