New research from Barclays suggests that only 10% of homeowners are currently overpaying on their mortgage, while only a further 6% said they planned to start overpaying this year.

The research, conducted with over 1,000 borrowers, also found that 24% said they aim to pay off their mortgage early, with 56% of these saying they hope to reduce their mortgage term to 15 years or under.

Barclays found the ‘average’ overpayment is currently £200.82, which on an average mortgage of £150,000 over 25 years could see the term reduced by seven years and three months. An extra £50 per month on the same typical mortgage would reduce the term by two years and four months.