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DHe
Guest
With a SSIA account maturing I am considering paying a lump sum of 10,000 euro off one of the two mortgages I have - it this advisable or would I be better investing the money elsewhere to make it work harder?
DHe
DHe
Post some more details - e.g. what are the mortgages for (investment properties or PPR), what amount etc. For what it's worth you may not want to reduce an interest only investment mortgage - see here. If your PPR mortgage is large, is a tracker/variable and you have no other short/medium term use for the money then reducing your mortgage could be a good idea in that if gives you a guaranteed immediate return in the form of interest costs saves.
Further to ClubMan's points above I'd add that if you have other debts (Credit Cards, Car Finance, Hire Purchase, Credit Union loans, Personal Loans etc.) they are most likely at a higher rate of interest than your mortgage and so should be redeemed first, in descending order of interest rate.
D
DHe
Guest
Hello
I have an investment mortgage of 155k that is interest only and a PPR mortgage of 480k on a variable tracker rate. I have no other debts, loans or credit card payments to be make. Clubman your notes on investment mortgages would suggest to leave this mortgage as it is. I guess the question is whether to make payments off the PPR mortgage or to invest into something else - stocks and funds?
I have an investment mortgage of 155k that is interest only and a PPR mortgage of 480k on a variable tracker rate. I have no other debts, loans or credit card payments to be make. Clubman your notes on investment mortgages would suggest to leave this mortgage as it is. I guess the question is whether to make payments off the PPR mortgage or to invest into something else - stocks and funds?