If you do want to pay your mortgage off earlier there are huge savings to be made, because the longer you have a mortgage for, the more interest you pay.

       If you have a mortgage of ￡100,000 and your interest rate is 3% then you will pay ￡3,000 a year of interest for every year you have the loan. Cutting the amount of time you pay, also reduces the interest you pay.

       Switching your monthly mortgage payment to a bi-weekly payment schedule could save you ￡49,118 in interest and also shave four years, nine months off your mortgage.

       Mojo Mortgages, has calculated that by switching to bi-weekly payments, mortgage borrowers end up paying 26 half-payments, equivalent to 13 months.

       To calculate these figures, they analysed the average house price and bi-weekly mortgage payment* to predict the potential interest savings across the UK, uncovering that:

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