Mr Coulson went on to highlight another option.
He commented: “The second situation is one to consider for those who have a lot of savings sitting in a cash savings bank account.
"With savings rates at rock bottom a better use of the cash could be to use it to pay off some of your mortgage.
Mortgage UK: Some may look to reduce their mortgage term (Image: GETTY / EXPRESS)
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"This can be done using an offset mortgage which will utilise the cash in your bank by off-setting the savings against the balance owed on your mortgage, thus reducing the mortgage term.