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If the interest rate on your mortgage is higher than the interest you earn on your savings, then you can save a considerable amount of money and reduce your tax bill on the interest received by using spare capital to pay off the mortgage on your own property. In the current climate of low interest rates where savings earn a very poor rate of return this is likely to be worthwhile.

You could also save a considerable amount by switching to an offset mortgage if you feel the need to have the capital easily available should the need for it arise.
Remember that your mortgage payments are made from your after-tax income and hence cost you a lot more in total income to fund than you may think.

Example:
John has £30,000 earning 2% per annum in interest, which equates to a return of 1.2% net of higher rate tax at 40%. He receives net interest of £360 a year. He also has a mortgage of £30,000 on which he pays interest at a rate of 3.5%. This costs him £1,050 a year, which is payable from his after-tax income.

By paying off the mortgage, he no longer pays interest of £1,050 per annum on this and also no longer receives the £360 in interest the money earned him after tax. He is therefore £690 a year better off.

Funding the mortgage payments was costing John £1,750 in gross income (£1,050 x 100/60), which he could now use for other purposes, e.g. to increase his pension funding, which would save him further tax.