Pay mortage off early

Is there any downside to paying off a mortage early using nearly all of ones savings?

None that I can think of but I'm sure someone will prove me wrong.

Are you getting mortgage interest relief?
Are your savings making a greater return that the interest on the mortgage?

Hi ,
i'm in a similar position to the above poster in that I have a current account mortgage and very soon - next few weeks I'll have the same amount of savings as mortgage debt. The position is that I can a : transfer all my savings into mortgage account and therefore pay off mortgage but have no savings left, or b: leave the savings where is is meaning I would have access to it anytime I want, and continue my mortgage repayments, without actually paying any interest....
I always thought I would find something good to do with my savings apart from just paying my mortgage off, something which would net me more than just the interest on my mortgage, but those ideas never came... any advice??!

IMHO you need to balance the greater of two goods(as opposed to the lesser of two evils) which is best..no mortgage or a substansial rainy day fund? Maybe the answer is in the middle...keep some savings for the rainy day(especially as storm clouds are gathering) but substansially reduce mortgage also. Vey unscientific advice I know

Also - if you have higher than mortgage rate debts and/or might end up clearing the mortgage only to borrow at higher rates for other expenditure then don't do it.

One disadvantage is that the money is locked up in your home once you have cleared the mortgage. There are obvious cost benefits in clearing the mortgage early (lower total interest bill and you can also stop making the erstwhile mortgage protection life assurance premiums).

As ever what's appropriate really depends on the individual's specific circumstances. I cleared our (c. 1995 so not huge) mortgage pretty early into the original 20 year term and never looked back. But that doesn't necessarily mean that it's right for everybody.

Thanks all for your comments.
Most of my savings are in a low interest account. I lack inertia as well as thrust when investing in medium to long term high interest accounts. I feel I can handle most "rainy days" through the right insurance and short term loans.
As long as I am missing nothing I will clear my mortgage as soon as I can with my savings. At least I will own the roof over my head and have the peace of mind that the real value of my savings are not been diminished by inflation.