Hi there, hoping for some sound advice from fresh eyes!
I am currently in the fortunate position that I can sell my home and "trade out" (working from home primarily etc), The aim is to be mortgage free, but am open to a small mortgage ie paid off in 3-5 years - for the right place. I currently have 20 years left on current mortgage and it seems to make sense to cash in the equity on my home now and buy a little (or a lot!) financial freedom/choice.
If I can pay off current mortgage with sale proceeds, it would leave 230K approx to fund a new house outright - which appears to be doable in the areas I'm looking at.
My pension (PRSA) contribution has been minimal to date, as a result of large mortgage repayments so I could, in theory, start taking those contributions up several notches if I was mortgage free.
What would you do in my position?
Single female 50 years old, no dependents
Annual Gross income 42500
Employed - Private sector
Home current value 400K
Mortgage remaining 170K
Lender PTSB
Fixed rate 3.9% years (4 years from June 2023 - 3 years approx remaining)
Monthly repayment 1090
Savings - 16K Cash
PRSA - current value 72K - 250/monthly contributions
No other loans, credit card cleared monthly.
I am currently in the fortunate position that I can sell my home and "trade out" (working from home primarily etc), The aim is to be mortgage free, but am open to a small mortgage ie paid off in 3-5 years - for the right place. I currently have 20 years left on current mortgage and it seems to make sense to cash in the equity on my home now and buy a little (or a lot!) financial freedom/choice.
If I can pay off current mortgage with sale proceeds, it would leave 230K approx to fund a new house outright - which appears to be doable in the areas I'm looking at.
My pension (PRSA) contribution has been minimal to date, as a result of large mortgage repayments so I could, in theory, start taking those contributions up several notches if I was mortgage free.
What would you do in my position?
Single female 50 years old, no dependents
Annual Gross income 42500
Employed - Private sector
Home current value 400K
Mortgage remaining 170K
Lender PTSB
Fixed rate 3.9% years (4 years from June 2023 - 3 years approx remaining)
Monthly repayment 1090
Savings - 16K Cash
PRSA - current value 72K - 250/monthly contributions
No other loans, credit card cleared monthly.