Martin Lewis has explained his "key rule" when deciding whether overpaying the mortgage is a good idea.
One reader listened to his advice and ended up saving £21,000 in interest as she was able to pay her mortgage off quicker than expected.
In the latest MoneySavingExpert's Money Tips email, Martin Lewis and the money saving expert team shared encouraging news from a reader about her overpayment success.
Overpaying the mortgage should be a "serious consideration" if one has the cash as people can save thousands.
The money saving expert shared his "key rule" for those who do have the extra cash.
He said: "KEY RULE: If your mortgage rate is around the same, or higher than your savings rate, then it makes sense to overpay."
Interest rate hikes have pushed up mortgage repayments for many GETTY The MSE team explained that this is because when it comes to savings, the reverse isn't automatically true.
A higher savings rate could beat overpaying the mortgage, but it won't always. It will depend on a number of things, including whether someone is planning a one-off overpayment or if they want to overpay regularly - monthly for example - over the longer term.
Other considerations include how much the mortgage debt is, how many years they have left to repay their mortgage and whether they pay tax on savings interest.
Britons are also encouraged to use a mortgage calculator which can do specific calculations, so households can see how much they can save.
Lucy, a MSE reader, emailed in to express her gratitude for the advice. She said: "We used your mortgage overpayment calculator back in 2017 and began to pay an extra £1,000/month.
"Exactly 11 years after getting the mortgage, we made the final payment and cleared it, having saved over £21,000 in interest and 14 years of payments. All because we used your calculator, played around with the numbers and stuck to it. Thanks!"
Another reader explained she has made an extra 13 payments towards her mortgage so far. Letitia has saved around £5,000 in interest and reduced her term by four years.
Debbie also took on the MSE team's advice and said: "Started making overpayments on my mortgage seven years ago. Saved £18,600 in interest and paid up eight years and three months early. So my ex-mortgage payment can now go towards a fantastic retirement pot."
Before homeowners overpay, their are three things they need to be aware of.
1: Debt. A "crucial rule" of debt repayments is to clear the most expensive debts first. People should do this so the interest doesn't build up as quickly, saving them cash and giving them more chance of clearing debts earlier.
"Therefore, as a rule of thumb clear high-interest credit cards and loans before overpaying your mortgage, as they're usually more expensive," their website said.
2: Overpayment fees. Homeowners need to check if they can overpay without penalty. Most can overpay 10 per cent per year, but get it wrong and they risk £1,000s in fees.
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3: Emergency fund. The MSE team explains it is "worthwhile having a cash emergency fund for those who are debt-free apart from their mortgage".
In the case of emergencies it's always a good idea to keep an emergency fund in a top savings account.
Lewis recommended three to six months' worth of cash as a good guide, or something enough to live on if they lost your job, for example.
Britons thinking of using newly arriving extra income - such as a pay rise - to overpay the mortgage, should build up an emergency fund first.