For most of us, being in a position to pay our mortgage every month is an achievement in itself.

But at some point there may come a time when you can make that payment easily and could afford a little more.

After all, mortgage rates are pretty low at the moment, making mortgages as affordable as they have been in a long time.

Many lenders will let you pay more than your agreed monthly payment and its worth checking if you find yourself in that fortunate position.

The most obvious benefit is that, if you can pay off a little more, you will pay your loan off more quickly, potentially saving yourself thousands in interest payments.

Even overpaying by just £10 a month on a 25-year, £150,000 mortgage with a 2.99% interest rate, can reduce your mortgage term by six months and save you £1,420 in interest payments.

Overpay by £100 a month and you can reduce that mortgage term by over four years and save £11,790. Make it £500 a month and you’ll reduce the term by 12 years, seven months and save £33,530.

At the same time, if you can pay off some of your mortgage quicker, you might be able to negotiate a better rate by remortgaging.

Another, less obvious benefit, is that if you can overpay for a few months or even years, you can build up some credit so that you can have a mortgage holiday for a few months or at least reduce your payments.

With savings rates so low it seems obvious to put any spare money into paying off your biggest commitment quicker.

However, there are some things you need to think about before you go throwing cash at your mortgage.

Firstly, you need to check with your lender what their rules are. Some lenders will only allow you to overpay by a certain amount, typically 10%, while you are in the period of a fixed, tracker or discount deal. They might even charge a fee if you pay over that limit. After all, they want to earn interest from you.

If you have any high-interest credit cards or loans outstanding, then it makes sense to clear them first, before you attack your mortgage.

I also advise people to maintain a rainy-day fund. If you’ve used all your spare money to overpay your mortgage, what do you do if the roof starts to leak or your car won’t go anymore? Maybe build up three to six months’ worth of cash in a high interest savings account, just to be on the safe side.

If you can earn more from saving or investing your money than you can by overpaying your mortgage, then that is something you would need to weigh up, before taking a decision.

There’s lots to think about when it comes to overpaying your mortgage. Call me on 07767 692 653 if you would like to look at your mortgage options.