With the recent rate cuts we are saving approx €200.00 each month.
I am trying to decide what is best to do with this money, as I feel we were able to afford to pay it off the mortgage, so can do something useful with it now.
I have considered :-
1. perhaps paying it off our mortgage and reducing the term. we have a tracker mortgage with AIB - I will have to ring them of course to see if we can do that
2. saving the money and at the end of the year deciding to do something with it as a lump sum
3. putting same into an account monthly - but don't know with whom or what kind of an account!
I am just wondering what you guys think would be best.
One worry I did have was if I was to pay it off our mortgage to reduce the term and god forbid, one of us lost our job this year - we would obviously not be able to afford it at that point - is it possible to stop extra payments on a mortgage if you have started? I am totally green as to how that works.
Thanks in advance for any advice, A.
Just looking back now 2 & 3 above could really go together - save it into an account and then decide later on what to do with a lump sum!
Sp i suppose its a matter of pay it off mortgage or save it?????
I am trying to decide what is best to do with this money, as I feel we were able to afford to pay it off the mortgage, so can do something useful with it now.
I have considered :-
1. perhaps paying it off our mortgage and reducing the term. we have a tracker mortgage with AIB - I will have to ring them of course to see if we can do that
2. saving the money and at the end of the year deciding to do something with it as a lump sum
3. putting same into an account monthly - but don't know with whom or what kind of an account!
I am just wondering what you guys think would be best.
One worry I did have was if I was to pay it off our mortgage to reduce the term and god forbid, one of us lost our job this year - we would obviously not be able to afford it at that point - is it possible to stop extra payments on a mortgage if you have started? I am totally green as to how that works.
Thanks in advance for any advice, A.
Just looking back now 2 & 3 above could really go together - save it into an account and then decide later on what to do with a lump sum!
Sp i suppose its a matter of pay it off mortgage or save it?????
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