How to reduce your mortgage by thousands of pounds
The outcome of this will be that they will be free of mortgage debt many years in advance of where they would be otherwise, or save literally tens of thousands of pounds of interest.
If this sounds like a pipe dream then actually it's not.
Most banks and building societies offer some sort of offset account.
The idea here is that you offset the current and saving accounts against the amount that is currently owing on your mortgage.
Sometimes you can also offset other products like ISAs which are even better.
The interest you are charged is then on the difference between the mortgage rate and that on the current and savings accounts; so the lower the difference between them the less you actually pay for your mortgage.
The net result is that you don't get interest on your savings and other positive balances BUT the interest you would have earned instead pays off some of the mortgage balance, which means that you save lots and lots of money in interest over time.
If you are unsure or uncertain of this but it sounds good then do see your bank and see if this sort of product would be suitable for you - by offsetting you can save loads and loads of money over the term of the mortgage and be free of that troublesome debt burden much sooner than if you continue to keep the two sums separate!
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How to see if offsetting would work for you