Advice paying off mortgage early

Tania_2

I've (me & hubbie) have around 12.5 years left to pay on mortgage. Is it better to put £100-£200 into savings or a tessa or isa a month or put towards overpaying on mortgage. We have mortgage with Standard Life "Freestyle" and are currently on a fixed until 2008. No other savings apart from hol and emergencies. (around £500)

We fortunately (or financially v. unfortunately) have clever children who may go to uni and the thought scares the bejesus out of us. We want to help them out but also want to put our own financial situation in order. Help please.

Joe_Bloggs

Increase your savings for now. You never know what is around the corner. Higher petrol/diesel, gas and electricity bills for certain. It is preferable to have a high interest account that can feed a current account with instant effect when funds run short.
J_B.

Thefunkygibbons

As a rule of thumb you need a minimum of 6 months outgoings tucked away

Once you are happy with that, paying the mortgage is a good idea as it is a better rate oif interest (tax free) that you can get saving