Overpay or Save extra for House Move Deposit?

Katapolt

We have just remortgaged, our rate went from 2.29% to 3.65%, so not ideal but slot better than it could have been I suppose. It's a 5 year fixed deal, and we can port it to a new property after 6 months
Were hoping to move in the next 12-18ish months, and we will likely need an additional £50-70K (obviously just  guestimate at the moment!) so would we be better off overpaying on the mortgage every month to reduce the overall term (not the monthly costs) or stash the money instead so we then hopefully have less to borrow when we need to? 

Sorry this is probably a really easy one but I just can't figure it out, it feels like if we over pay now it's good because it'll help bring the term down (thus saving lots in interest over the years) but equally if we can front more for the move then it means less interest on anything added to the mortgage (which of course will be added at whatever the rate is at the time)

Thanks!

MorningcoffeeIV

It doesn't particularly make a difference, as either your mortgage will be lower so you'll need to borrow less, or you'll have cash to make up the difference, so will need to borrow less.

Base it on whether you can get more on savings than paying it off.

dimbo61

You often need funds to pay for surveys,  searches,  solicitors, etc when buying a new home.
Having savings in easy access cash accounts helps.
Hopefully beating 3.65%