Martin Lewis explains key interest rule on whether to overpay your mortgage

It comes after financial comparison website, Moneyfacts.co.uk recently revealed that the typical two-year fixed mortgage hit 6% for the first time since December.

"Most have already factored in the Bank of England's likely 13th consecutive rise due this Thursday - the cheapest fixes are roughly 1% point higher than in April ." He went on to give the example - if you saved £10,000 at 3% this would earn £300 for the year, but if you used the same money to overpay a 5% mortgage it could reduce your costs by £500 over the same period.

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