L
lillypat
Guest
Not sure if anyone can make since of this question but lets try!!!!!!!!!!
Principle residence Mortgage of 118K at UB tracker 2.85%. Repayment 645pm starting June 1 2004 (have increased monthly repayments by 250 pm month) this reduces the term to 13yrs and 9 mths and a saving of approx 13K in interest. Mortgage will be repaid when I am 56yrs. Have owned ths property for 4years - mortaged switched from PTSB recently. Property value 450k
Investment mortgage of 85k with 22 yrs remaining with PTSB 3,55%. Repayment 460 pm, rental income of 850pm. Mortgage will be repaid when I am 64yrs.Value 250K
AVC payments of 600pm allows me to retire at 61. Increasing payments by 350 pm allows retirment at 55.
Question1:
Would i be better off leaving my residential mortgage at its normal 20 yr repayment cycle and increasing ACV contributions so I have a choice to retire at 55 but would have still 7 years of mortgage remaining
Question 2:
Use the large equity available on both houses (500K) to fund further property investments
Principle residence Mortgage of 118K at UB tracker 2.85%. Repayment 645pm starting June 1 2004 (have increased monthly repayments by 250 pm month) this reduces the term to 13yrs and 9 mths and a saving of approx 13K in interest. Mortgage will be repaid when I am 56yrs. Have owned ths property for 4years - mortaged switched from PTSB recently. Property value 450k
Investment mortgage of 85k with 22 yrs remaining with PTSB 3,55%. Repayment 460 pm, rental income of 850pm. Mortgage will be repaid when I am 64yrs.Value 250K
AVC payments of 600pm allows me to retire at 61. Increasing payments by 350 pm allows retirment at 55.
Question1:
Would i be better off leaving my residential mortgage at its normal 20 yr repayment cycle and increasing ACV contributions so I have a choice to retire at 55 but would have still 7 years of mortgage remaining
Question 2:
Use the large equity available on both houses (500K) to fund further property investments