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Not2Sure
Guest
Age
Myself: 40
Spouse: 34
Employment
Myself: Engineer
Spouse: Recently unemployed
Gross Income
Myself: 55k
Spouse: 30k
Property
Family home: worth 500k, 145k tracker @ 4.2%, 23 years left on mortgage approx €760 after interest relief
Borrowings: None. 2 credit card paid in full each month
Savings
9k in Halifax saving/deposit account
20k in IPBS saving
5k in Credit Union
My Question/s:
I would like advice whether or not to pay a lump sum off the mortgage.
Just received 30k inheritance and not sure whether to hold onto it in deposit/saving a/c (cash is king at the moment as another poster stated) or pay off lump sum. I suppose what I really like to know is how best to make this cash work for us given we are hoping to start a family shortly and my spouse most likely will be out of work for approx. 9mths to a year.
Myself: 40
Spouse: 34
Employment
Myself: Engineer
Spouse: Recently unemployed
Gross Income
Myself: 55k
Spouse: 30k
Property
Family home: worth 500k, 145k tracker @ 4.2%, 23 years left on mortgage approx €760 after interest relief
Borrowings: None. 2 credit card paid in full each month
Savings
9k in Halifax saving/deposit account
20k in IPBS saving
5k in Credit Union
My Question/s:
I would like advice whether or not to pay a lump sum off the mortgage.
Just received 30k inheritance and not sure whether to hold onto it in deposit/saving a/c (cash is king at the moment as another poster stated) or pay off lump sum. I suppose what I really like to know is how best to make this cash work for us given we are hoping to start a family shortly and my spouse most likely will be out of work for approx. 9mths to a year.