Looking for some advice please

T

thesebleeds

Guest
Income:

Self: c 50,000 pa
Spouse: Unemployed (not entitled to social welfare)

Mortgage:
€210,000 remaining, 30 years to go! current rate 4.68%

Savings:
National Solidarity bonds: 10,000
Credit Union: 15,000
Prizebonds:11,000

My query is would we be better off taking our savings out of the prizebonds and or credit union and paying a lump sum off our mortgage and what difference would this make to us in the long term?

Thanks in advance for any advice.
 
Hi,
Just in simple terms not taking any interest relief in a/c you are paying around Eur 1,100 per month if you pay 26,000; lumpsum off mtg. your monthly will go down to 134 euro per month around eur965. If you only pay of 11,000 your monthy payment will go down by 55 eur. This doesnt take any relief in a/c so is approx. and is based on current int. rate any change in this will change things accordingly.

Hope this helps
 
No expert here but I would leave €50 in prize bonds as you have as much luck in winning with that as you may have with 11k in real terms.

Leave small amount in credit union, you might need them later, but use the rest to pay down debts.
 
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