Paying off a mortgage?

[fourteen85]

My wife and I are just coming to the end of our first year paying off a 14 year mortgage, if we want to we can overpay by �499.00 a month, We are in a position to do this but is this the best route or would we be better putting the same amount into ISA's for ten years and then paying off in one lump sum,the thinking about the second route is we would have cash if anything serious was to happen
Any thoughts please

[redcrx]

if it was me, Id pay the money off the mortgage as much as i could each month. Depending on the size of the mortgage it could make a drastic difference to the time it takes to pay off.
Speak to a financial advisor if you can and ask for a prediction based on todays interest rates.

[dasherman]

Paying off the mortgage will reduce both the term and the amount of interest you pay and you won't be tempted to dip into the money.

[pug100]

The mortgage interest rate will be more than you can get through an ISA, so pay the mortgage off first.

[fourteen85]

Thanks for all you replies

[fourteen85]

or even all your replies

[Whoever]

Financially it makes sense to use this surplus money pay off your mortgage, but only if you have first put between three and six months salary away in a savings account so that you have some ready money available for emergencies. The economy is going to become quite difficult over the next year and whilst nobody wants to think about redundancies, some jobs, especially in retail, estate agency, etc. could be at risk, so don't leave yourself without some easy access savings first..

[fourteen85]

Whoever

That makes a lot of sense to me cheers

[tufty7]

Have you looked at "the one account" or similar ones,they all have online calculators on ther websites (offsetting) basically it allows you to pay off what you want when you want and your savings help reduce your mortgage amount, perhaps it may be suitable for you and your money is always available to have back giving you flexibility, worth a look , it may or not be suitable for you ...