How to tackle my mortgage

lookstraightahead

Morning! 
After a bit in advice about my mortgage.

we have a property currently worth about £320000 with an outstanding mortgage of £148000, and we have 20 years left on it. I'm 55 and my OH is 52.

The current fixed interest rate is 1.89% and we have two years remaining at this rate.

We gave up stressful jobs and both work part time now, we have no other debt and about £1000 left each month to invest in pension boosting / savings or paying off the mortgage quicker. At present part time means we're happy to continue as long as we remain well. We both have death in service etc insurance through work, and contribute to pensions which are 'reasonable. We both have all our NI contributions for a full state pension (by next year). My husband has another private pension which he could access at 55 if we needed to, which could just about fund us (but only just) until state pension age.

What should we do? I like the idea of paying off the mortgage but also having money accessible.

thank you 

tacpot12

Paying off the mortgage more quickly will save you money in interest, but while you are able to earn more in interest than you are paying, you are better off saving into a Savings Account until you have enough money to completely clear the mortgage.

If you did want to increase your monthly mortgage payment, you might find you have a limit as to how much you can overpay each year, so it would be worth checking what that is and see if this a limiting factor. 

You could do a bit of both, put £500 into a savings account each month and also pay an extra £500 per month of your mortgage.