Mortgage - Best Option ?

[MoneyBall2020]

Just looking for thoughts on what would be the best option for my current mortgage / future situation.
Approx details:
Outstanding Balance Sept 2020 - 145k
Repayment Date Sept 2042
Interest Rate 1.5% - Variable (in the hands of Pepper)
Monthly Payment Required 700
Actual Payment being made is 1000.

I currently have 55k in savings for mortgage options . I have more funds for rainy day set aside.

- Should i just make lump sum payment of 55k towards the loan and keep current repayment date ?
- Look to pay 55k and ask for it to reduce the current term?

Also should i look to continue to pay the 1000 per month after the lump sum payment or would i be better to use the overpayment money for something else ?


Note: I may actually look to sell my current property in approx 3-5 years so not sure if that would impact the best course of action now.

Any thoughts / recommendation ?

Cheers

 

[PebbleBeach2020]

Pay down yr mortgage unless you can find an after tax investment if at least better than 1.5% guaranteed risk free.

 

[Sarenco]

Are you maximising your tax-relieved pension contributions?

You should probably complete the Money Makeover template to get a more complete answer.