Overpay mortgage or save ?

timc1619

Hi all,
I am currently in a position to overpay my mortgage. 

The original loan amount was 240000. The balance is currently 214065 and I have 14 years left on the mortgage.
the current interest rate is 2.74 fixed for the next 4.5 years. I have between £300 - £400 to overpay/save.
question is should I put it in a regular savings account or overpay? I know there are regular savings accounts well in excess of 2.74 but I’m not sure it’s as simple as just saving at a higher rate?😂
thanks in advance
Tim

Friday1989

The MSE mortgage overpayment calculator now has a savings comparisons 
https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

timc1619

Thanks Friday. I have been on the comparison tool and it suggests I’d be better off saving. However that’s based on the full term of the mortgage. I imagine saving interest rates will come down with the base rate when inflation is under control again so in the short term (the next 4 years) I’m still not sure on the best option. Thanks anyways😀
Tim