Some lenders will allow you to overpay your mortgage without incurring your ERCs (see Phrases You’ll Come Across). You might do this via small monthly payments or as a lump sum. When you make an overpayment, you will reduce the capital you owe straight away which is a great way to reduce your mortgage and increase the equity in your home.
You can use an online overpayment calculator to help you work out how much you will save in interest in the long term by making overpayments now.
