Pay off mortgage or into pension?

Skinnylatte

I'm in a dilemma and hoping some-one can give me some advice. I have a mortgage with £135,115 outstanding at 2.5% (bank of england tracker) which ends May 2032. The mortgage is interst only but I do over pay.
I am a 40% tax payer and aged 46.
Am I better paying into a pension, overpaying the mortgage or a bit of both?
My instinct is to clear the mortgage asap, but I don't know the 'worth' of getting the 40% tax relief over the life of the mortgage.
In there any-one who's good at maths who could help me out?

Thrugelmir

How do you intend repaying the mortgage in 17 years time ? Pensions are tax efficient as savings vehicles. Though interest rates are unlikely to remain this low indefinately. Today is a timely reminder that markets do fall in value. Cashing in at the wrong time could be expensive.

How secure is your employment?

When do intend retiring?

Can you afford to fund your pension and repay the mortgage at the same time? A personal life style choice.

Far more than maths involved.

Skinnylatte

Thank you for your response. I intend repaying it before 17 years, either by just paying off the capital or through a pension.
yes I have a company pension, so the pension for the mortgage if that's what I do would be an additional one, separate from my company one.
My job is as secure as any these days
I am happy to retire at 65 if I still have my health, earlier if feasable

I currently pay £292 interest. I have a further £600 a month to play with, plus any additional I can throw at it and don't know whats best to do.