Mortgage | €1,737.00 |
Savs | €1,400.00 |
Bills | €700 |
Childcare | €730.00 |
Your combined mortgage rate is 2.38% which is better than anything you will get on the market.
Would you not consider putting the €50k off your mortgage? preferably off the variable element of it if possible. This will save you €1,500 a year in interest.
In your position I would keep a rainy day fund of 20k, get your partner to contribute the maximum available to their pension and pay everything else off the mortgage.
Yes absolutely no risk with the kids inheritance. We had been looking at the savings certs and they do seem the safest and best deal at the momentI presume that you do not wish to take on any significant risk with the inheritance for the kids also? If this is the case just stick it in to the 10 year savings cert with the post office and forget about it.
With the rest-
Build up emergency fund to 20k
Max pension contributions
Overpay mortgage
If the kids are 6 & 8 its all just family money for at least 10 years.
Pay the €50k off the mortgage now, you have then got 10 plus years to gather the money for the kids, longer if you don't intend to give them a cheque for the full amount on their 18th birthday.
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