Clients who take advantage of flexible mortgages find that overpaying their monthly mortgage payment by even a small amount can slash years and thousands of pounds in interest off their mortgage balances.

The Daily Telegraph has published an investigation into the effects of paying more than your mortgage provider asks for - and the results make fascinating reading.

The Telegraph gives an example of a family with a 25-year £100,000 repayment mortgage. If they sacrificed £50 a month - a couple of nights in the pub for many families - and added it to their mortgage payments each month, they would cut more than four years off their mortgage term and save a huge £24,000 in interest.

The newspaper adds, "Topping up their monthly mortgage payments by £100 would see the loan cleared six years and 10 months earlier, and cut more than £39,600 from the interest bill."

The Telegraph says that if borrowers paid a one-off £5,000 lump sum from the£100,000 mortgage above, they would cut two years and nine months from their mortgage term, and save £25,323 in interest - although anyone planning to use a bonus or other windfall in this way should check their mortgage provider's rules before doing so.

Most lenders will now allow its customers to overpay their mortage by up to 10% in any one year, even if you are in an Early Repayment Charge period.Even small overpayments can have a significant effect in reducing the term of your mortgage and by so doing you will be saving hundreds if not thousands of pounds.

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