A
anniek
Guest
Hi all,
With increasing mortgage percentage rates I am starting to get worried. Should I put money into reducing the mortgage amount or keep it for a rainy day. Here's my situation:
Mortgage: 289,000 outstanding PTSB rate of 5.5 fixed to July 2011
Value of house: God knows, perhaps 180,000 if we were lucky - we don't want or need to sell
Savings: 70,000 joint savings plus 3,000 (me) 2,000 (partner)
Other loans: Car loan (me) 350 p.month Car loan (partner) 550 p.month
Credit card (me) 0 balance Credit card (partner) 2,500 approx
Income: 2,600 per month (me) 3,100 per month (partner)
No kids yet but hope to have at least one if we can afford it
My gut says to hold on to savings to set against increased mortgage payments if needed. My partner wants to put money into the mortgage (about 15,000) Any advice would be appreciated.
With increasing mortgage percentage rates I am starting to get worried. Should I put money into reducing the mortgage amount or keep it for a rainy day. Here's my situation:
Mortgage: 289,000 outstanding PTSB rate of 5.5 fixed to July 2011
Value of house: God knows, perhaps 180,000 if we were lucky - we don't want or need to sell
Savings: 70,000 joint savings plus 3,000 (me) 2,000 (partner)
Other loans: Car loan (me) 350 p.month Car loan (partner) 550 p.month
Credit card (me) 0 balance Credit card (partner) 2,500 approx
Income: 2,600 per month (me) 3,100 per month (partner)
No kids yet but hope to have at least one if we can afford it
My gut says to hold on to savings to set against increased mortgage payments if needed. My partner wants to put money into the mortgage (about 15,000) Any advice would be appreciated.