Those of us with a mortgage cannot wait until the day we are mortgage-free. But how many of us are actually doing something about trying to pay the debt off early. You should not be disheartened, however, as it is a reasonably straightforward task. If you are currently saving by simply diverting your monthly savings into your mortgage you could significantly reduce the term of your mortgage and potentially save thousands in interest.

Most lenders normally allow borrowers to make limited overpayments, typically up to 10 per cent of the balance each year. Some may even allow unlimited overpayments.

However, while it is straightforward to make overpayments it is not always as easy to get the extra money back if your circumstances change and you need some cash. Some lenders will charge you a higher rate on any money you draw down. Offset mortgages are a great way of clearing your debt early while retaining access to the cash. They work by linking your savings, and in some instances your current account, to your mortgage. Rather than earning interest on savings, you reduce the interest you pay on the mortgage.

If you would like to use your bonus to overpay your mortgage, but also want the security of a fixed rate, which usually allows only limited overpayments, you could look at having a variable rate on some of your mortgage and a fixed rate on the rest.

This would enable you to benefit from a penalty-free variable-rate deal, which means they can make unlimited overpayments while having the security of a fixed rate for part of their mortgage. Most lenders will let you split your loan between two different products, but you have to have both with the same provider.

For those of you who are financially astute and understand the money markets, a multi-currency mortgage may be suitable.

The mortgage is taken out on an interest-only basis, so your mortgage payments do not repay any of the capital, but the mortgage aims to clear your debt by capitalising on exchange-rate movements.

Such deals are not for the inexperienced as the currency markets are highly volatile, but if the exchange rate moves in the right direction it can be a good way of paying off your mortgage.

If you are considering your early repayment options, ensure you speak to an independent financial adviser.