Paying an extra £100 per month on a £250k mortgage will pay off your mortgage 4.5 years earlier and save almost £52,000 in interest at 6%. An extra £250 per month could save £100k in interest over the lifetime of the loan and pay if off a full 9 years early.

Investments will be subject to taxation, whereas the money saved in paying off the mortgage is not.

A mortgage is usually the biggest financial obligation you have, so getting this paid off early is fantastic.

There are many places that offer a better ROI, such as a workplace retirement plan that will offer 50% of your contribution.

It makes sense to pay off high interest loans such a credit card before putting money towards a mortgage as credit cards cost more as the debt accrues.

If all extra cash is thrown at the mortgage and times become hard, the risk is that the house could be taken. If money was put into investments, this could be used to pay the bills.