Lump sum, Offset or carry on saving

I've read several threads on offsets and lump sum payments but still can't decide what to do for the best.

We took out a mortgage of £120K 5 years ago and have been offered a 1% discount by my BS as an incentive to stay, bringing the interest rate down to 4.9% (not fantastic but pretty good for the long term). We now owe £108K and have accumulated £45K in savings from working overseas, but now we're back in the UK the there's no extra money for additional savings.
The savings are from a £15K initial investment plus £1K per month for 20 months, this is now worth £45K which is approximately 8% pa net.
As the savings are doing so well do I leave the money there until Dec 2013 when, at the current rate, there'll be enough funds to clear my mortgage (£75K and £75K).
Do I convert to an Offset mortgage where I'll earn less interest (none in fact on the savings) but be more secure and have a mortgage completion date of late 2015, which would also mean a higher interest rate than the 4.9%.
Third, and I think final, option. Do I just take the savings and make a lump sum payment off the current mortgage and negotiate the best deal I can on the remaining £63K over 10 years or so?

I suppose it's down to attitude to risk. I am a little risk averse but do like the idea of gaining two years or more from my mortgage. Does anyone here have better or alternative options to the ones I've suggested, or even debunk some of my theories above if I've got it wrong.

Regards and Thanks.
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