O
oconn
Guest
We have a Bank of Irl tracker variable mortgage of about Eur 46K outstanding, in year 5 of a 25 term 50k mortgage.
We pay circa Eur 280 per month, mainly interest, of which last years interest payment to the bank was Eur 2.5K approx.
We also have Eur 20K in An Post A/c from our children's allowances, saved over years.
Does it make more sense for us to pay off some of our Mortgage from An Post account, and reduce annual interest payments to the bank on the mortgage, rather than just keeping the 20K in an An Post account.
My challenge is also, should we pay off as much as possible to reduce interest on our mortgage? In this case, we would plan to then transfer over the money that we saved on the bank interest into the childrens allowance account. Is my thinking correct that this will save a lot on interest payments to the bank.
We pay circa Eur 280 per month, mainly interest, of which last years interest payment to the bank was Eur 2.5K approx.
We also have Eur 20K in An Post A/c from our children's allowances, saved over years.
Does it make more sense for us to pay off some of our Mortgage from An Post account, and reduce annual interest payments to the bank on the mortgage, rather than just keeping the 20K in an An Post account.
My challenge is also, should we pay off as much as possible to reduce interest on our mortgage? In this case, we would plan to then transfer over the money that we saved on the bank interest into the childrens allowance account. Is my thinking correct that this will save a lot on interest payments to the bank.
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