Let’s face it, mortgages are a daunting subject. For many they are a proverbial "ball and chain", destined to be repaid for the next few millennia, with no discernable end to the misery of seeing your monthly pay packet decimated by that merciless Direct Debit payment.

But, joy of joys, when you reach your 105th year, you repay it and; (like the salmon leaping out of the swollen river after the epic slog against the current) that blissful moment of realisation arrives: you own your own house!

At that moment you are aware of your wealth. You have money, money to be spent on… frivolous trinkets, a motorbike, rhinoplasty: whatever takes your fancy: you are free!

So, here are some tips to help shrink that balance and restore you your freedom:

• Do you have savings which aren’t earning you a lot (quite possible at the moment!)? Why not consider an Offset mortgage? An Offset mortgage is where you can use your savings to reduce (offset) how much mortgage interest you pay. The great thing is that your savings remain separate to your mortgage, so your money is available to you if you need it.

For example: your mortgage balance is £100,000 (boo!), but you have £10,000 in savings (yay!). You don’t want to pay £10,000 off your mortgage as you’d like to have that money just in case. However, you don’t like earning 0.00000000001% interest from your bank so you take out an Offset mortgage. The mortgage interest rate is 4%, which could be as much as £4,000 interest a year. But with your £10,000 offset against this, you would only pay interest on £90,000, which would be £3,600- a saving of £400 a year. If you then overpaid as well, you would shrink your mortgage balance at an even faster rate (see below for tips on overpaying)!

If you kept your money in a savings account, you would need to earn at least 5% to earn the equivalent of £400 in interest (as the taxman has to have his cut. If you are a Higher Rate Taxpayer you would need to earn at least 6.7% interest!). Bear in mind that an Offset mortgage is only worth it if you can’t get a better Net savings rate elsewhere. If you can get a better savings rate than the rate that is charged on your mortgage, you wouldn’t save as much money as you could earn by having a normal savings account.

• Thou shalt overpay, part I. This really should be the commandment for anyone with a mortgage, who can afford to commit a bit extra each month to their payment. By overpaying a little each month, you can shrink your mortgage balance that much quicker (and save ££££s in interest).

Here’s a top tip: if you are coming to the end of your fixed or tracker rate deal, chances are you will be moving onto your lender’s Standard Variable Rate which, in the current climate, may well be lower than the rate you are currently paying. So when you reach the end of your introductory rate, maintain your payment at what you are currently paying each month, you won’t notice any difference; but boy your mortgage balance will! A word of warning though, sometimes your lender will charge you an Early Repayment Charge if overpayments exceed a certain level. Always check that a) you can overpay, and b) the amount which you can overpay up to.

• Thou shalt overpay, part II. Similar to making a regular monthly overpayment, your lender will often allow you to make a lump sum overpayment (the same warning as above applies- this will usually be to an agreed level: so always check!). If you come into money: maybe a bonus, an inheritance, lottery-win or compensation for an accident that wasn’t your fault; you might want to consider paying this into your mortgage. Think carefully about this though, as if you need access to your money, you may not necessarily be able to "borrow back" your cash later on (if your lender allows you to borrow back at all, this will usually be subject to their discretion, - check first before committing your money if you think this maybe a problem for you). Alternatively, you could always place this money into a Savings Account or why not look at an Offset Mortgage?

• All too often the rate you are getting may not be the one that will allow you to pay off your mortgage the quickest. If you think you are getting a bum deal try shopping around, but be mindful of fees and costs you will need to pay; they may outweigh the benefits of moving at all! Use a mortgage search and Best Buy table to see what you could be paying and consider employing the services of a whole-of-market mortgage broker who will be able to assess your situation and advise you where a cost saving can be made.