But it's against a moving target. And the target drops by 1,250 each month so it's difficult to reach. In the past 18 months I have reduced the arrears by 16k.
It's probably best to give all the information. Value of property. amount of mortgage . Amount of arrears. Interest rate. Lender etc.
But, you are overpaying your mortgage by €800 per month.
If you clear your arrears, you will not need to do that anymore.
When you need your kids education fund, you will have €20k of savings.
But the key thing is that the sooner you clear the arrears, the sooner your credit rating starts to improve.
You might not need that credit rating now, but you might need it in 5 years. And by then, your rating will be clean.
It's also possible that after a few years of education, you might hit trouble again. If you have acted responsibly in the past, it's more likely that you will get a restructure at that stage.
So it's very clear. Clear the arrears and reduce your repayment.
Brendan