What to do next with savings? Mortgage overpayment or Invest

Alexland

If your employer offers a salary sacrifice arrangement for pension contributions (to also save the national insurance) then regular contributions from earned income are usually the most efficient way to contribute. Just be careful not to contribute such a high proportion of your salary that your employer ends up paying you less than minimum wage in any pay periods. Employer matching is a bonus but don't let their cap on matching stop you making higher levels of contributions to catchup.

kelly_b_1982

We have 20 years left on our mortgage currently and if we upsized we would ideally keep the term the same (as what it is when we do move). 

I will look in to whether my employer offers the salary sacrifice, thank you @Alexland

Alexland

kelly_b_1982 said:

We have 20 years left on our mortgage currently and if we upsized we would ideally keep the term the same o(as what it is when we do move). 

One option to consider is to run the mortgage term for longer for lower monthly repayments enabling a higher rate of pension contributions and then use any tax-free lump sums your pension(s) might provide to clear the balance. Not without risk but likely to be more tax efficient.

Yorkie1

When did you subscribe to your ISAs? If you put the new money in during last tax year, you'd be able to put some of the maturing money into ISAs this year if you haven't already filled them. Particularly useful for your partner, who I think you said is a higher rate tax payer.