I have a 20 year interest only tracker mortgage take out in 2007 on my main residence to purchase investment property.I have this let out rental income €150 per week. My mortgage interest only is €175 per month [€140,000 loan]
My question is should I lodge rental profit in a high saver account to help pay off capital at the end of 20 years or should I pay off mortgage gradually.With current low interest rates I thought it best to save rather than pay off capital. My wife is a public servant who is 10 - 14 years from retiring.We hoped to use her pension lump sum [if any exists in the future] to help pay off capital. My wife thinks we should sell off investment property in 18 years time [if possible then] to pay off capital or give one of our 3 children the option of paying off the capital and receiving the property in return.
What would the best strategy be.I am a retired public servant
My question is should I lodge rental profit in a high saver account to help pay off capital at the end of 20 years or should I pay off mortgage gradually.With current low interest rates I thought it best to save rather than pay off capital. My wife is a public servant who is 10 - 14 years from retiring.We hoped to use her pension lump sum [if any exists in the future] to help pay off capital. My wife thinks we should sell off investment property in 18 years time [if possible then] to pay off capital or give one of our 3 children the option of paying off the capital and receiving the property in return.
What would the best strategy be.I am a retired public servant