Whether to Pay Off Mortgage or not.

Just received my annual statement;
£22,000 owing on a repayment mortgage.
I have the money put away earning interest so that I can pay it off early.
The trouble is I'm tied into a fix at 4.75 till Dec 2007.
The cost of redemption is £ 720 which I begrudge paying.
Should I pay it off now and pay the redemption fee. I would be £270 PM better off so I could soon save the £720 back or would I be better keeping up payments so that my lump sum is growing and my mortgage reducing leaving me a nice balance? BTW should I leave some outstanding so they'll look after the deeds?
Thanks in advance.


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