Pay off mortgage

[MCMP13]

Our fixed term is up this year. We owe £85k on the mortgage. Currently have £28k savings. My question is, should we put a large amount of the savings on the mortgage to get it paid off quicker or js the money better off used elsewhere like investing or just having savings? I have very very little knowledge on this sort of thing but I really want to be mortgage free as soon as we can.

I considered this, but our savings rate is higher than the new fixed mortgage rate so we've decided not to.

See if this is of any help:

I would not be paying emergency fund to the mortgage. I would be making sure I had at least 6 months of expenses emergency fund, be paying 15% of household income to pension/Stocks & Shares ISA, and then I would look at what overpayment may be possible on mortgage.

I keep an emergency fund in case I get made redundant. Generally 1 year's money to see us through.

Anything else goes into the mortgage.

I would use some. Maybe pay off £8k off Mortgage. That way you will get a better Mortgage rate as might take a shorter one, and still have £20k savings for whatever.

Martin Lewis has a calculator on his Moneysavingexpert website that can show the effects of overpaying your mortgage - have a look at it. There’s a lot to be said about being mortgage free!

When will rate come up for renewal? If in 6 months time then the amount you owe will naturally be less then you could pay off £10k to get mortgage down to a nice round figure of £70k.
so do both!