People wishing to avoid loan charges may like to consider making overpayments on their mortgage, as this is a "very sensible" thing to do.According to Catherine Hearnden, director at independent financial advisers MyMortgageDirect, people should also consider capitalising on low mortgage rates over the next few months before interest rates increase.She said: "[Overpaying on mortgage payments] is very sensible. The [interest] rates are at an all time low."The way that a lot of people have overpaid is they have just kept their standing order or direct debit the same and, as a result of that, they have overpaid."Recent research by Moneybasics found that 29 per cent of mortgage holders paid more than their minimum required payments in the last year.It found that of those overpaying, 37 per cent paid at least £2,500 more than what they needed to.Consumers with interest only mortgages were more likely to overpay their mortgage than those with a capital repayment loan.Charles BakerCharles is a reputed financial analyst with almost decades of experience under his belt.
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