Charcol has revealed that by putting its summer bonuses towards its mortgages, customers could be in line for huge savings in the long term.
The leading mortgage website has suggested that by making just one overpayment on the mortgage, a homeowner could potentially save £26,000.
This amount would reduce the repayment term by three years.
These figures are based upon a typical summer bonus for a City worker, which Charcol say was £15,217 last year.
Of course a summer holiday may be a much more attractive option for those receiving such a bonus, but Charcol claims that even putting as little as£5,000 towards a £150,000 mortgage could lead to savings of around £9,000.
"It’s all too easy to splash out on luxuries and treats with a bonus,” says Elliot Nathan of Charcol Online.
"But we are reminding homeowners to consider how much they could potentially save, just by one simple overpayment on their mortgage."
He urges customers to think about the long-term benefits that making just one overpayment could have.To read more about the best mortgage deals, click here.
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