on the basis that you might be out of work for some time, and given that the interest rates are so low at the moment, I would be slow to pay a lump off the mortgage. Particularly as your borrowing power is reduced while you are unemployed. Holding on to it means that you have access to money in case of an emergency, which is gone if you pay it off mortgage. there are some good deals on lump sums on deposit at the moment - although I would also be reluctant to tie up all your funds - try to find one that gives you access to your funds if required. some of these might offer a monthly income too which would help with the monthly repayments. It all depends on your monthly outgoings and how close your income goes to meeting them. dont forget that the mortgage is the cheapest money that you will borrow - so in my opinion it would not make sense to reduce it and then find yourself needing to borrow at a later stage, perhaps at a higher rate.