pay lump sum - 2 mortgages

dody

Registered User
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17
I know this has been covered on several threads but I am interested in hearing opinions/advice.

We have 2 mortgages one 35k on a property in mayo value 45k 6 years left on a var. rate loan. 3,83%- 537 per month
The other is on our main home 225k valued 260k ( chnaged mortgage provider last dec and got house valued) for 25 years fixed now for 5 years at 4.64%.- 1300 repayment per month


We have now 15k - should we pay off small mortgage or invest money and pay off larger mortgage in 5 yrs time


We are tight on budget at the minute as our childminding costs are 1300 a month also- We can survive on wages but will not be saving/spending a lot on anything bar essentials.
 
Hang on to your money - you will need it at some stage, for some emergency or other eg if a car was to break down beyond repair, a flood in your house, unemployment etc. etc.
As you probably read before, ideally you should look to have a 'rainy day fund' equal to six months of net salary.
What are you doing with the house in Mayo - have you thought about renting it to bring in some extra income?
 
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