Put your questions to our mortgage expert, Mike Jones, from Lloyds:

Lois from Barrow asks:

 I am currently on the SVR of 2.5% with Nationwide, looking to upsize by Oct 2011. With regards to the equity/deposit for the new place is it better to save in a savings account or pay the equivalent off my mortgage?

Mike answers:

Good question, Lois. Firstly, you should certainly look around and establish what rates are available and what you can get. Make sure that you get the best deal for your circumstances and try to keep abreast of what is out there. You might also want to establish whether or not your mortgage is in fact portable; that is, if you can take your rate with you when you move. If the SVR rate is portable, then you want to keep as much of the loan as possible on this rate because it is below the market rates currently available. In this scenario, you would then build up your savings instead of paying off more of your low rate mortgage. You've still got the flexibility to pay a lump sum off if you don't move. Good luck.

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