31yo with mortgage and savings. Is there a better way of doing this?

Hello, I'm currently on a tracker with nationwide 1.39% I expect to be happy living in my home for atleast the next 3 years possibly longer. I think interest rates can and will go up very soon.

So I'm looking to fix I currently have 110k remaining on my mortgage 24.9 years remain paying 450pm. I've never over paid😬due to wanting to have 20k in the bank, which I have now due to receiving some inheritance. Just brought a new car too so can't see myself having any hughe expenses for a while. Though of course possible. 

I still have 30k in the bank. I wish to keep 10k in a easy access/current account, 10k in a year fix account the. Next 10k to.use on my mortgage.  If anyone can recommend a better way of using saving accounts please do. 

I've looked at switching my mortgage to a nationwide fix using 9k to take off the mortgage debt. And the remaining 1k for the product fee. This will move to a 24y term with paying £391pm. After 5 years my debt would be 81700k. I also plan to over pay too £600 so an extra £209. This would knock nearly 9 years off if the interest rates never changed. I also plan to pay off my mortgage with some one off payments once a year if my money in bank accounts ever are over 20k say in April. 

I'm on around 30k py and 31 and hope to be mortgage free by 45. Unless I decide to move house then at that point I'd look at my fugures again. 45 was achievable before my divorce! 

Questions does this sound reasonable? 

Is there a better way of utilising my 30k?

When do you think interest rates may rise? 

Am I able to access the overpayments with nationwide if required? By a payment holiday or withdrawing (if this is the case I would look to overpay more) 

How easy is it to port the mortgage? 


  • Mmmm. Do you have / plan children?
    What's your pension like at the moment?

    With mortgage rates being so so low I'm all for over paying the pension at the minute. 
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 20 years. 
  • I have a 6yo son. Agree about the pension. I'm tupeeing to a new firm next April and we should receive an improved pension. What the figures are im not sure. I'd like to think I could become pension free by around 45 still. And by what I save in mortgage payments at that time becomes partly a pension pot. 

  • Any investments at mo for child? 
    Compound interest would be huge for 12 years until 18

    Nurse striving for financial freedom
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