- 25 years mortgage, a bit less than 22 years remaining to full term (july 2041)
- Current repayment: 1208.10 eur / month
- Balance: 222K
- Rate: 3.45% - fixed for another 22 months
- Bank: BOI
- LTV < 50%
- Current repayment: 1208 eur / month
The way I'm looking at it is, if I pay 50k off the mortgage, it means I won't have to pay
Would recommend you review /pay down any high interest credit card debt first, have a good emergency fund, have a proper pension plan and then fire any spare cash at your mortgage.
I can't predict the future
But given your low LTV and your ability to save money, you should not fix for a long term. The cheapest rates are available for short term fixes and this is what you should do. Pay the €40k off your mortgage and fix for one year.
At the end of the year, if you have further savings, then pay that off again without penalty and consider fixing again.
If the best option is to fix for only 1 year at the time, would it better just to go with AIB variable rate at 2.75% so that you can overpay as much as you can every month?
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