Pay money off mortgage or save/invest?

O

onway

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I have €12,000 of SSIA money and am wondering whether to pay it off my mortgage or invest it / put it in savings account.

My mortgage is €130,000 - €56,000 of this is on a 4.5% tracker with ICS.The remaining €74,000 was a top-up and is on a 3.65% rate fixed until April.The house is valued at €165,000.

Should I pay the €12,000 off my capital balance - or go for investment/saving ??And if so - what??

Also,does anyone think I might be able to get better value on my mortgage?
 
In my opinion it would really depend on how big your outstanding mortgage is with respect to your annual income. If it's a high multiple then you might be better off reducing your mortgage. Check the for selected mortgage rates? You should shop around for the best deal for your circumstances and switch if necessary.
 
If I owe €130,000 and my house is valued at €165,000 how do I work out my LTV????
 
I would be inclined to reduce the mortgage but it depends on other factors like your net income, size of repayments as a percentage of same, other financial committments & general outgoings etc. Obviously if you have more expensive loans than your mortgage then these should be prioritised for repayment.
 
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