Wait until tax relief stops in yr7 to pay lump sum?

Hi,
I'm considering paying a large lump sum off my mortgage (taken out in 2004). Would I be right in saying it would be more financially beneficial to wait until 2011 (i.e. the 7yr mark where interest tax relief stops) to make this lump sum payment?

Depend on what interest rate you are paying on your mortgage. If you are on a tracker on paying only 1.5% you could put the lump sum in a savings bond and be better off. If you are on a high rate of interest and will not get penalised for paying in a lump sum you could be better off paying the lump sum off the mortgage. You need to post more info.

In a similar position where i paid a lump sum and overpaid my mortgage for past few months. As interest rates have fallen etc the interest for the year will be below 10k so consequently my interest relief has fallen :-( I'm assuming long term it's better to pay more off mortgage & therefore less interest instead of trying to keep the interest relief at it's max or close to it.

I wasn't planning on paying anything off yet (as interest rates are so low - I think I'm better off having the money in a good savings account). However, it does look like interest rates may be about to go up given the recent increase on permanent tsb mortgage interest.

To rephrase my question - say if interest rates were on the rise (as it looks like). Would I be better off waiting till my interest tax relief gets cut off (i.e. in 2011) rather than making a lump sum payment before this date (i.e. as soon as interest rates go over the 4% mark.. if this happens).

p.s. I'm not on a tracker, just a standard variable - with Irish Nationwide - 2.74% at the mo.