30K surplus to reduce mortgage

M

Macca_11

Guest
I will soon have a surplus of approx 40K (SSIA & Changing House). I currently have about a 10K car loan which I plan to pay off. I have a 30 year mortgage (235,000K variable). Should I use the balance to reduce my premium or period of payment or should I invest. In 3/4 years I may wish to remortgage to upsize.
 
depends on your circumstances, its a good idea to me but you may need €10 of that in a slush fund for emergencies , as they happen .

If you have no other debts at all then I would maybe pay €10k off the mortgage, €10k into a decent interest account with 1 month notice max and €10k into a longer term savings package of some sort.

If you alreeady have a slush fund pay €20k off the mortgage.
 
Take into consideration what interest rate you are paying on your loans and mortgage and the interest rate you will get if you invest the money...

9 out of 10 times it would be advisable to pay of your debts first before considering investing....unlesss you come across another type of scheme similar to what the SSIA was offering
 
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