starting to make a small mortgage over payment

credit_crunch

Hi
I am looking some advice please.
We bought our property 4 years ago through co ownership in northern ireland (NICHA)
We are currently in negative equity so cant remortgage to buy out NICHA.
I was hoping to start making a small over payment on our mortgage - maybe £10/£15 per month until we get back on our feet (we got married recently, so new bank accounts etc)
Am I better to overpay the mortgage, or put that £10/£15 into a reg saver or ISA for 12 months, and then pay a lump sum off the mortgage? Or continue to save it until we get enough to buy back a % from NICHA?
Hope that makes sense. I think the interest rate is 2.75% - our monthly payment is £200.84

harvey115

If you have better rates in ISA, it makes sense to pay in ISA and then make lump sums if and when required.