Borrowers can save thousands of pounds in interest and trim years off the life of their mortgages by making regular overpayments. Even a lump sum overpayment can make a difference. Banks are currently pushing for overpayment as it helps to build their capital bases.
HSBC and Lloyds TSB are writing to all their customers informing them how to make overpayments after thousands have asked how to do this. But make sure the lender reduces the term of your mortgage, not your monthly repayments.
