Homeowners who overpaid their mortgage during the previous six months did so to the tune of £7bn, shows research from LifeSearch.

In total, 7% of British adults overpaid, by an average of £319 a month.

The cohort aged 55 and overpaid the most per month – £421 on average – but only 3% of borrowers overpaid at all.

Generation Y, those borrowers aged between 25 and 39, were the most active at overpaying, with 12% of them putting in an average of £373 extra a month into their mortgage.

And Generation Z were not far behind, with 10% overpaying. The average amount was far smaller though, at £97.

The research also shows that generation Y were most likely to have taken out a mortgage payment holiday over the previous six months, with 11% doing so. The next most likely were Generation Z, but only 5% did so.

Additionally, the stricter money saving habit many formed over the last 18 months still has a strong presence in the nation’s mindset, with 39% of British adults stashing money away at an average of £281 a month.

LifeSearch chief marketing officer Emma Walker: “While the record levels of household savings seen in 2020 have fallen as spending has recovered, we’ve found that a significant number of people are still choosing to save. But we can also see that many are also choosing to overpay on their mortgage and repay debts.

“When you consider that an overpayment of just £200 a month could take more than seven years and over £12k off the average 25 year mortgage, it makes sense that many – particularly among Generation Y – are choosing to overpay.”