N
Newbiemortga
Guest
I’m in my mid twenties with 50k in the bank, no dependents, free and single.
I’ve 29 years left on a mortgage of just less than €200,000.
The question is should I ‘throw’ my savings into the mortgage and reduce what I’ ve got left to pay?
1.One part of me thinks, although it’s a pain in the ar$e to wave bye-bye to my savings it’s inevitable I’ll have to pay off my mortgage so I may as well pay it.
2. Alternatively…I may want to go travelling in the future.
Would I not better keeping the saving for a ‘rainy day’ when I feel like hitting the hills?
3. Should I keep the 50k and try to buy a second property for investment purposes with my brother?
Having a second property is something I would like to do in the future but I don’t think I earn enough to do so?
Is that correct?
For the record I earn less than 35k, I don’t work in a particularly secure/state job and there’s no real increments.
Also having cash in the bank/savings, do banks/building socities actually give a dam these days or is it all about multipiles of your income?
I mean the fact that I’ve got savings and am considering paying off a chunk of my mortgage, will that make it easier for me to obtain a cheaper mortgage in the long run?
Given my circumstances what sort of mortgage should I go for and what would you do if you were in my shoes?
Thanks
The uneducated mortgage man
I’ve 29 years left on a mortgage of just less than €200,000.
The question is should I ‘throw’ my savings into the mortgage and reduce what I’ ve got left to pay?
1.One part of me thinks, although it’s a pain in the ar$e to wave bye-bye to my savings it’s inevitable I’ll have to pay off my mortgage so I may as well pay it.
2. Alternatively…I may want to go travelling in the future.
Would I not better keeping the saving for a ‘rainy day’ when I feel like hitting the hills?
3. Should I keep the 50k and try to buy a second property for investment purposes with my brother?
Having a second property is something I would like to do in the future but I don’t think I earn enough to do so?
Is that correct?
For the record I earn less than 35k, I don’t work in a particularly secure/state job and there’s no real increments.
Also having cash in the bank/savings, do banks/building socities actually give a dam these days or is it all about multipiles of your income?
I mean the fact that I’ve got savings and am considering paying off a chunk of my mortgage, will that make it easier for me to obtain a cheaper mortgage in the long run?
Given my circumstances what sort of mortgage should I go for and what would you do if you were in my shoes?
Thanks
The uneducated mortgage man