save or pay off debt?

tinkertusker

At the end of the month I have £300 to spare. Should I use this to overpay my mortgage or should i put it into a regular seavers account and then use ths to pay off some off my mortgage when this comes up for renewal. My mortgage is with nationwide and about 5% can overpay by £500 a month wth out any charges.

The_Boss

I would normally say overpay, since the interest rate is probably a bit better than what you would get for putting it in the savings account. Then again, the difference is probably quite small and you might benefit from the access to it from a savings account