"An overpayment of just £200 a month could take more than seven years and over £12k off the average 25 year mortgage"
Across the UK as a whole, that equates to £1.5bn a month or £7bn over the past six months.
While overall, one in 14 have overpaid on their mortgages, it rises to 12% of Generation Y (aged 25-39).
Additionally, 14% of Brits have repayed debts in the last six months, also at an average of £319 per month, rising to £469 pm among the over 55s.
Furthermore, 39% of Brits claim to have saved some money in the last six months at £281 on average, totalling £5.8 billion a month.
Emma Walker, chief marketing officer at LifeSearch, said: “It’s encouraging to see the nation’s wealth begin to recover again after a long period of uncertainty and anxiety for so many.
“While the record levels of household savings seen in 2020 have fallen as spending has recovered, we’ve found that a significant number of people are still choosing to save. But we can also see that many are also choosing to overpay on their mortgage and repay debts.
“When you consider that an overpayment of just £200 a month could take more than seven years and over £12k off the average 25 year mortgage, so it makes sense that many - particularly among Generation Y - are choosing to overpay.”
