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@aggi
Obviously the other consideration is what your money can do elsewhere. Each month I have a standing order to a stocks and shares ISA which I could use overpay the mortgage. The ISA is averaging about 8% over the past couple of years though so that's earning more than paying off a mortgage with a low interest rate.
Obviously if there is no guarantee on those types of returns and it's possible that in 5 or 10 years time the interest rate will jump to something high, negating those savings.