Hi All
I am in a quandry and have received lost of varying advice on this.
me- 33, single, no pension, Income 53K per year,
Mortgage - 210K, 32 years left to run on a property worth approx 350K
I am now thinking of what to do with the €250 PM that I previously put into my SSIA.
All along i was considering putting it into a PRSA and saving for my retirement (in 32 years time)
However somebody else suggested i should look at paying it as a monthly prepayment on my mortgage.
I have used the jeacle calculator and can see that the €250 PM would shorten my mortgage by 10 years.
So my question is which is better?
Shorten Mortgage term (and possibly use equity in property to fund investment properties) or to shove it all into A PRSA?
I know with the PRSA that i can claim tax relief at 41% - but is the compound interest i would pay on the mortgage higher or lower than the money i would save into the PRSA?
Any advice is much appreciated!
I am in a quandry and have received lost of varying advice on this.
me- 33, single, no pension, Income 53K per year,
Mortgage - 210K, 32 years left to run on a property worth approx 350K
I am now thinking of what to do with the €250 PM that I previously put into my SSIA.
All along i was considering putting it into a PRSA and saving for my retirement (in 32 years time)
However somebody else suggested i should look at paying it as a monthly prepayment on my mortgage.
I have used the jeacle calculator and can see that the €250 PM would shorten my mortgage by 10 years.
So my question is which is better?
Shorten Mortgage term (and possibly use equity in property to fund investment properties) or to shove it all into A PRSA?
I know with the PRSA that i can claim tax relief at 41% - but is the compound interest i would pay on the mortgage higher or lower than the money i would save into the PRSA?
Any advice is much appreciated!