Overpay mortgage or not

[Lawton]

I already overpay mortgage by 30% each month. Have around 7 years remaining on term due to overpayments. I am fortunate enough to be able to increase my overpayments by more. The thought of paying off sooner feels good. But as my rate is 1.1% I wonder if the overpayment amount, circa £300 could be put to better use elsewhere? I'm mid 40s.

Savings rates are rubbish though. I have 6 months salary in premium bonds and a couple of other savings accounts for rainy days (boiler goes, need new washing machine type stuff), plus a S&S ISA.

I recognise it is an individual decision but would appreciate wider views on the mortgage versus savings in the current climate.

How's your pension? Any reason you don't mention putting it in your S&S ISA as you have one? That's what I what I would do as should outperform your mortgage rate or any savings accounts but obviously is long term and depends on risk relevance etc etc

Use overpayment calculator illustration on your mortgage lender it should tell you what potential interest you would save overpaying (your rate is low at the moment but I’m guessing might change) for decent returns stocks isa you need 10-15 years. Check your mortgage terms that your aren’t charged for overpaying more etc, some are flexible terms I.e let you overpay then relend the money if circumstances change. Personally I would overpay as long as I wasn’t charged for it as proper returns take longer than term left on your mortgage

Pension isn't great. Currently I have £1000 per month going in between mine, employer and tax relief contributions. Have only had this amount going in for a year. Whilst I know I need more in pension (under £100k there at moment), I'm acutely aware my mum died before reaching pension age.

I currently only put a small amount into the ISA. I could absolutely put more there as it is long term I'm thinking. Ideally I want the most impact for my cash over a 5-7 year period.

As my mortgage rate is so low overpaying saves interest in the hundreds rather than significant thousands. It does bring the term down though. I also have an ancient tracker without any overpayment fees