Consumers 'should overpay their mortgage in good times'

Borrowers in the UK should consider overpaying their mortgage when experiencing "good times", according to an expert.

Jane Baker of financial advice website Fool.co.uk has stated that if people have been lucky enough to get a bonus , or have excess savings, they should think about putting the money towards their loan repayments.

In an article for the website, she explained how people could benefit from such a move.

"Not only could you save thousands in interest by clearing your mortgage early, but you''ll also build up a reserve which you may be able to fall back on when times are harder," she wrote.

"Check that your mortgage is flexible and allows overpayments. Most do."

Ms Baker''s comments come after David Black, the principal consultant of banking for research company Defaqto, stated that borrowers must move quickly to take advantage of good deals in the market.

He added that the sector was "a completely different place" to what it was around 18 months ago.

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