Pay against mortgage or invest?

[kibby]

I have about €110k outstanding on my mortgage: if I were to put €30k into it would it make a significant dent in my repayments? Or should I stick that money away in a notice account?

 

[Dreamerb]

I have about €110k outstanding on my mortgage: if I were to put €30k into it would it make a significant dent in my repayments? Or should I stick that money away in a notice account?

It depends - you could shorten the term of the mortgage significantly or reduce your outgoings, but on the other hand you may be able to get good deposit rates. Have a look at the mortgage calculator here http://www.jeacle.ie/mortgage/ to see what effects making a lump sum payment would have, and check the financial best buys forum to see what deposit rates might be available.

 

[nelly]

apart from the 30k have you any savings or emergency fund?
If it were me i would pay off the mortgage, shortening the term a little and start saving again. But only if i had a comfortable living.
the reasoning is, mortgage interest rates are rising so paying off mortgage seems a good idea and interest rates in general are rising so saving from scratch is not a as soul destroying as it has been in the last few years.