Advice pls - overpayment or savings account

Jude_MFW

Hello and happy new year to you all!

Please could you give me your opinions on whether I should overpay my mortgage or put the difference into a savings account. I used the calculator but couldn't quite understand the examples of savings rates given. My husband pays the basic tax, I believe, and I don't pay tax. My mortgage payments are as follows:

2.89% repayment rate. ££52,600 remaining over 10 yrs 10 months. I was looking to up my monthly repayments to £600 per month.

Thanks in anticipation.

Watty1

Do you know what interest you would receive on your savings?
Basically you need to get more on your savings than you are paying on your mortgage.
Also check and see if there are any penalties for overpaying the mortgage. (This will be in the terms - or - give them a call). You can usually pay 10% without a penalty but every lender is different.
Once you've that info sorted then the answer will be clearer - or at least one of kind folks here will help out