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Help pay mortgage or save?

waynedance
waynedance Posts: 673 Forumite
Part of the Furniture 500 Posts Combo Breaker
edited 1 July 2016 at 7:53PM in Mortgages & endowments
Currently have £5000 in Santander 123 account that pays I believe 2.4% after tax.
My mortgage has approximately 10 years 8 months and with a balance of aprox £36200 with a life tracker rate of 2.19% which allows over payments

I want to keep a 5k buffer in case of problems in the future and want to pay off the mortgage in about 6 years.

Going to have spare cash each month now shall I over pay on the mortgage or leave money in the bank until it reaches the 20k interest limit then pay in to the mortgage account?

I guess the answer is leave in bank but just need to make sure.

Thanks for advice in advance.
Google gives you answers use it.........
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