Advise on Paying a Lump Sum off my mortgage and reducing term

[TestLink]

I got 100% mortgage (2007) and have 25 years left. There is 295000 euro left to pay and I am on Tracker 1.25% above ECB rate.

I have 10000 euro in my bank account now and is thinking about
1. Paying this 10,000 lump sum towards my mortgage
2. Reduce my total term from 25 to 20 years.

Is this wise? Or shall I invest this money in a fixed deposit or savings account or some thing else and stay

 

[Brendan Burgess]

Discussed extensively in Key Posts. No need for another thread.

Brendan