Clearing mortgage

[Maya22]

I am downsizing in a years time will be clearing my mortgage without needing another. I am wondering if there is anything I should be doing now to make the most of the positive equity I will come out with.

30 years left on mortgage
3.35% variable rate with EBS
190000 remaining
Value of house approx €450k
Currently paying €895 a month and saving over 2500 a month

Is there any point overpaying a mortgage for 12 months when I’m going to clear it? My savings are just in a credit union so I would also have a smallish lump sum available to put down on the mortgage either.

Or should I just sit tight and do nothing?

 

[RedOnion]

If you're looking to buy & sell at the same time, make sure you've enough cash on hand to pay 10% deposit on the new house.
Other than that, overpay the mortgage, if you've no other debt or expected expenses. 2500 per month for 12 months will save you 500 in interest.
I'd even consider switching to 1 year fixed rate to lower interest cost.

 

[Maya22]

Thanks Red Onion. I don’t need to buy straight away so will be able to wait for the proceeds from the sale which takes a bit of pressure off.

So you’d advise overpaying by 2500 each month?

 

[lledlledlled]

I am downsizing in a years time will be clearing my mortgage without needing another. I am wondering if there is anything I should be doing now to make the most of the positive equity I will come out with.

30 years left on mortgage
3.35% variable rate with EBS
190000 remaining
Value of house approx €450k
Currently paying €895 a month and saving over 2500 a month

Is there any point overpaying a mortgage for 12 months when I’m going to clear it? My savings are just in a credit union so I would also have a smallish lump sum available to put down on the mortgage either.

Or should I just sit tight and do nothing?

Why not just clear the mortgage now if you can?

 

[Maya22]

I need to live here for another year then I’ll be selling and buying a much smaller property with the leftover when I clear it