Households may be able to save tens of thousands of pounds in mortgage interest payments by changing when they make their repayments.
The mortgage broker Mojo says the average borrower could save £49,118 in interest costs by moving from monthly payments to bi-weekly.
This would mean paying half the amount, every two weeks – and the average borrower could shave four years and nine months off their repayment term.
This is because borrowers would end up making 26 half-payments, or paying off 13 full monthly sums in a year, rather than 12.
However, mortgage experts have cautioned that this might not be possible for some borrowers, as not all banks are set up to take bi-weekly payments.
