M
Michele OB
Guest
High mortgage with big redundancy payment
I have a €430k mortgage on a property worth about €1.1 - €1.2 million - present mortgage about €2700 per month which I am paying out of my redundancy lump sum.
Should I pay min of €100k off my mortgage and reduce monthly outgoings by about €700/800 or invest about €100k with partner in another property which would eventually be for 1 year old child when he grows up? Would probably put this on interest only mortgage which my partner would pay.
No other loans. Looking for new job at present and presume I will get same in next couple of months but still have cushion for another few months if this doesn't happen.
Any advice?
I have a €430k mortgage on a property worth about €1.1 - €1.2 million - present mortgage about €2700 per month which I am paying out of my redundancy lump sum.
Should I pay min of €100k off my mortgage and reduce monthly outgoings by about €700/800 or invest about €100k with partner in another property which would eventually be for 1 year old child when he grows up? Would probably put this on interest only mortgage which my partner would pay.
No other loans. Looking for new job at present and presume I will get same in next couple of months but still have cushion for another few months if this doesn't happen.
Any advice?