Money advice website Moneybasics.co.uk found that 30% of those surveyed had overpaid their mortgage in the past 12 months, with 37% overpaying by £2,500 or more.

Those with interest-only loans were more likely to have overpaid than those on repayment deals, reported Moneybasics.co.uk.

More than 50% of people said that the main reason for making extra payments was to pay off their mortgage early, while 15% were overpaying while interest rates were low in order to reduce their monthly repayments.

Just one in ten people said they had kept their monthly repayments at the same level.

The study found that 7% of borrowers were encouraged to begin overpaying last year due to uncertainty over interest rates, while 4% had received a pay increase and wanted to use the money to pay down their home loan.

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Moneybasics.co.uk said that a homeowner with a £150,000 mortgage on a rate of 4.06% could cut their term by two years and four months, saving £9,266 in interest, by putting up an extra £47 a month.

Homeowners who overpaid by £2,500 a year could knock seven years off and save £31,194, reported Moneybasics.co.uk.