With interest rates tumbling regularly and even more cuts due, there has never been a better time to pay a little extra and eat into your mortgage. Savings will surprise you

It may not seem like a huge difference, but it can take a surprisingly big chunk off the overall amount of money you end up paying back to the bank or building society.

And the two recent cuts in the European Central Bank's (ECB) main interest rate give homeowners the perfect opportunity to indulge in a bit of mortgage cannibalism.

Each cut in ECB rates has reduced monthly repayments for those on trackers and standard variables by between €50 and €150. So the two cuts combined mean some people's repayments come down by between €100 and €300.

So, instead of paying less on your mortgage each month why not keep paying at the same level you did before the first of the two ECB cuts, with the extra money being used to overpay your mortgage?.

This will achieve two things:

- it will reduce the overall cost of the mortgage;

- and it will mean you pay off your mortgage faster.

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