Mortgage overpayments

InhaleMood

Hi all,
I have recently got back on the property ladder and got a mortgage. It's 5 year fixed at 2.99%.
I'm lucky enough to be able to overpay, so I am putting some money away into a savings account with 5% interest.
I wondering what the best option would be:

1. Overpay a lump sum at the end of the calendar year with the savings accumulated
2. Wait until the 5 year fix ends, and remortgage using the savings to reduce mortgage amount

I'm not sure how I can work this out manually, so would appreciate any help.
Thanks,

MorningcoffeeIV

2, but for as long as your savings are earning more than the debt is costing you.

GiantTCR

3. set up a regular overpayment which will gradually reduce your balance

MFWannabe

How long is the 5% interest for on your savings? 1 year? 

If it is 1 year then I would look at it then and pay a lump sum off then as long as it’s an amount where you won’t get penalised by mortgage company 
I also overpay a small amount each month as well as save just so I know the mortgage is coming down more 

grumiofoundation

GiantTCR said:

3. set up a regular overpayment which will gradually reduce your balance

If savings rate is higher than mortgage rate (and assuming you are disciplined with the money) then your suggestion is financially less prudent than saving. 

InhaleMood

Thanks all.
The interest on the savings is indeed fixed for a year, so that is a good prompt for me to look at other savings account or make an overpayment.
Thanks!