Homeowners can slash thousands of pounds off their mortgages by increasing their monthly payments slightly, an expert has said.

Karen Noye, mortgage expert at Quilter told the Daily Express: “Many mortgage products will allow you to make overpayments, which can greatly impact not only the amount of interest you pay over the course of your mortgage, but it can also help reduce the length of your mortgage term too.

Depending on the lender, people can usually overpay up to 10% of the value of…