Is this a good idea

I'm tied in with santandar till next July (2014) on a fixed deal I believe I can pay off 10 per cent of the balance either at anytime or in January this will be around £12k as the balance is £120k
I'm then going to put £40k into a savings acct this will be used to pay off the interest only part of the mortgage next July
Plus whatever the repayments are after the 10 percent is paid off I was going to put half that figure into the savings acct per month as well as obviously making the normal monthly repayment
Then next July I'm hoping to see the balance down to at least £70 k
The house is worth £200k therefore enabling us to shop round for the best deals at the time

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