Keep savings or reduce mortgage?

N2000

Gday all

I have a conumdrum for you.

I have about 30k saved, and I should get a hefty pay rise from about November.

I could use the 30k savings (in my non-tax paying wifes Egg account earning 4.5% tax-free) to reduce the mortgage amount (4.38% with Nottingham BS), and use the extra money from my expected pay rise to clear my mortgage in 4 or 5 years.

Or........I grew up in Australia, and have always fancied a house back there so I can split my retirement between the UK and Australia. I could hang onto the 30k and continue to save until I have around 70k saved to by a place in Oz.

Should I clear the UK mortgage, and then save for an Aussie place (mortgages out there are at around 6.75%), or continue saving and take longer to clear the UK mortgage?

Any thoughts?

roswell

Not much help but i think only uoi can make that decision