Sorry another mortgage one

[Oneanddone88]

Our fixed deal comes to an end next August. 140k mortgage by then , currently on a very low rate 1.6% and managing fine. We are fortunate due to savings plus inheritance to have 50k in savings. I think we should use half and lower our mortgage on current rate, partner doesn't want to. We have no other debts, own our cars too. Fixed energy for another 2 years (fixed on low rate last year ).
We have never had plans for our savings , it's there as a good safety net . Any advice welcomed.

I would wait and see what rates are at the time to be honest, we're in such chaos that no one can predict whats going on

But usually I would go for lower mortgage, so even use the whole amount to pay off quite a lot of it

Thanks. Yes won't be doing anything yet. Can't do anything til Feb anyway ? I'm tempted to use it all but obviously its good to have a buffer

How much can you over pay by?.
Id go onto a calculator, Martin Lewis has them and play about with the figures, does it make a difference if you clear it now or by next August for example?.
Can you set an amount aside in a higher savings account that your mortgage % with the plan to use that to clear a chunk next year?.
Personally id keep onto the cash for now, who knows whats going to happen in the next 12 months 😥

Not sure, I'd need to check how much I'm permitted to overpay by.
Yes, I think we are going to work hard to save as much as we can , fortunately our 30 free hours of childcare has kicked in this month so can save a bit to soften the blow next year. The implications are scary, people renting etc too who no doubt will have to pay more due to higher mortgages. It's frightening. People will talk about it happening in the 80s etc. However, society is different now and lots of families have personal debt and PCP car finances to pay . Plus the general crazy cost of living. Something has to give.