Firstly your lender doesn't stop you overpaying so I wouldn't limit the decision to just 10%
The second question is should you.
Based on your mortgage rate and prevailing deposit rates my first thought is no. You should save and and overpay when your fixed rate is up/deposit rates drop below 3.36% (pre-dirt break even rate assuming interest paid is less than €5k).
You can just about get better rates if you lock in for 2 years. It's marginal so would depend on the amounts you're talking about. It wouldn't pay for any longer.
Rates are frequently updated. Information last changed: 1 October 2024. Highest Term Deposit Rates 3 Months - Easisave - 3.50% 6 Months - CA Auto Bank via Raisin Bank - 3.55% 1 Year - CA Auto Bank via Raisin Bank - 3.55% 2 Years - Haitong via Raisin Bank - 3.44% 3 Years - BluOr (Direct) -...
www.askaboutmoney.com
There are higher variable rates. You could consider these but given they are not fixed you'd need to monitor them regularly.
Rates are frequently updated. Information last changed: 8 October 2024. Highest Instant Access Rate: €1 to €50,000 - Trading212 - 4.00% Selected Instant Access & Notice & Money Market Products: Trading212 4.00% on €1+ Access: Instant access. Interest paid: Daily. This rate requires opt-in...
www.askaboutmoney.com
Have a look at the following post it might help you decide
A recent post got me thinking are we close to the point where it makes financial sense to save rather than to pay down debt i.e., for some borrowers the return on savings (net of DIRT & PRSI) is greater than overpaying a fixed rate mortgage. There was a point in the past where this strategy...
www.askaboutmoney.com