Hi all,
I am wondering if people have opinions on what is a good threshold of cash to have on deposit versus using it to invest or reduce mortgages.
I am fortunate enought to have a few lump sums invested. I have near the max in the online first active a/c, and the max with aibs notice deposit a/c, as does my wife. But we have 4 mortgages, totalling about 1.3million.
I am wondering would we be better off reducing our mortgages rather than leaving so much cash on deposit?
I think from a tax point of view, we are both PAYE workers, reducing our home mortgage would be the best option as I am led to believe that your own home mortgage is the least tax efficient.
I would be interested to hear peoples views / experiences,...
I am wondering if people have opinions on what is a good threshold of cash to have on deposit versus using it to invest or reduce mortgages.
I am fortunate enought to have a few lump sums invested. I have near the max in the online first active a/c, and the max with aibs notice deposit a/c, as does my wife. But we have 4 mortgages, totalling about 1.3million.
I am wondering would we be better off reducing our mortgages rather than leaving so much cash on deposit?
I think from a tax point of view, we are both PAYE workers, reducing our home mortgage would be the best option as I am led to believe that your own home mortgage is the least tax efficient.
I would be interested to hear peoples views / experiences,...