Lewis asked: "Would you recommend overpayments on your mortgage rather than paying into a savings account?"

The Money Saving Expert replied: "Yes, is the general answer - with some caveats.

"Of course, savings rates are particularly low right now. What you really have to do is think of overpaying your mortgage as savings.

"So look at your mortgage rate. If your mortgage rate is higher than what you can earn in savings, it makes sense to overpay the mortgage.

"But to see how much you'll gain, go online and use a mortgage overpayment calculator.

"Gains are often in the tens of thousands - people are shocked by it - if you do it right, and make sure it reduces the capital."

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However, there are some important things to be aware of, as Martin went on to address.

He said there are "two caveats" and warned: "First of all, always have a cash emergency fund - three to six months' worth of bills put aside in case something goes wrong, so you can still pay the mortgage and other bills."

The second thing Martin flagged is to ensure is the overpayment rules issued by the lender.

He said: "Do check there aren't any penalties for overpaying."

"But in general [if the] mortgage rate [is] higher than savings, overpay the mortgage," he added.

"And while we're on it, if you've got credit cards and other expensive debts, get rid of those too before you save.

"A mortgage overpayment calculator can show you the impact that even small overpayments can make. For example, on a typical £200,000 mortgage with a 25-year term, paying 2.2 percent interest, if you overpaid every month by £100, you'd save over £8,500 in interest alone and become mortgage-free three years and three months earlier.

"With most bank savings product rates being very low, becoming mortgage-free faster could give your savings a better return on investment."

However, there are some steps borrowers will need to take in order to overpay in an effort to reduce their mortgage term.

Ms Stephenson explained people need to "make sure you speak with your lender to do this and tell them explicitly that the reason you’d like to overpay is to reduce your mortgage term".

"Otherwise, they might keep your term the same, and use your lump sum overpayment to reduce your monthly payments," she said.

"The other big watch-out is for any early-repayment-charges or ERCs - this is a penalty fee applied if you go over the maximum repayment amount in the year, so check your terms & conditions for your specific lender's rules on this.

"And like always, make sure you've got the best existing mortgage deal, on the lowest interest rate possible, before you start overpaying. That way any extra money you overpay will go towards reducing your mortgage, not just lining the banks’ coffers."

The Martin Lewis Money Show continues on Thursday at 8.30pm on ITV.