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shortening the term right down saves you a SIGNIFICANT amount of money overall
But on the other hand investing that money elsewhere can generate a more SIGNIFICANT amount of money.
Obviously depends on your appetite for risk but with the current low rates of debt you can probably generate more by not paying the mortgage off.
aggi
Use a mortgage calculator like this one to see what your overall cost of the mortgage will be ie across the whole term, not just the 5 years of the fix or whatever. You might find that putting the £100k into your mortgage and shortening the term right down saves you a SIGNIFICANT amount of money overall. With mortgages, it’s the duration of the loan which results in so much interest. I took about £90k off my total repayable by simply dumping some savings in and shortening the term so that my monthly repayable amount was about the same.
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
Obviously it helps if you understand the maths. Get expert help if you think you need it.