In the balance: with rates rising, is overpaying your mortgage a good move?

Tricky balancing act in face or rising rates: overpay the mortgage with any spare cash, or save it? Photograph: Andriy Popov/Alamy

Rising interest rates have pushed mortgage overpayments to their highest levels in more than 20 years as householders struggle to reduce their debts.

Many people with money to spare are choosing to reduce the amount they owe in an effort to tackle the spiralling rates that have left so many others with huge bills once their fixed-rate deal ends and they go on to a new product.