to do something or nothing....

de1amo

currently have a 55k mortgage/92 pounds a month interest only payment(1pc)--i am 47 and have a term of 17 years left and i am looking for the best way to go.--i can over pay by 10pc per year according to the building societies website.
Due to an old endowment maturing i have managed to save 27k in cash plus i have a home and business abroad so i am 'equified' well past the 55k and have a solid income base both in the uk and abroad.
i am deliberating the question whether to up my payments on the mortgage or just carry on 'doing' what i am doing--ie saving for the end of term --as a note i keep my uk and foreign incomes seperate presently but abroad i can get about 9pc on savings.

Jonbvn

I think you have made a mistake with the interest rate.
92/month = 1104 per year.
(1104/55000) x 100 = 2%.

You say you can get 9% interest abroad. No doubt that this must involve significant currency risk and possibly high inflation in whichever country you get such a return.

Can you open a cash ISA in the UK paying around 3%?

de1amo

well spotted that man--shows how often i see my mortgage statements and how bad i am at maths.--i just know it is a very small repayment amount compared to days of yore!!
Your spot on when you say about currency risks and inflation abroad--inflation is a lot higher where i am and the currency risk is considerable--the pound has devalued by 18pc against the local currency which puts me off taking any further advantage of the local savings rate--fortunately i did all my investments near a peak for the pound before all the problems--i actually saw it coming and spread my 'eggs'--there were a raft of american publications who forsaw this crisis but few were given credence--my brother works for an american company and drew my attention to them.

i cant open an isa from here but i have multipled on a vantage account with lloyds-it offers 4pc less tax--so about 60 quid a month for the max 3 accounts x 7k i can save with them---i like flexibility about money in these times and feel isas are too 'rigid' because you never know when that bargain of a life time might arise! cash is king by being the best of a bad bunch of options!