Hi, I'm looking for updated information on the idea of paying a lump sum off our mortgage as oppossed to having it in savings. Hopefully this is the correct forum.
Some Info:
Age: 34
Spouse’s/Partner's age:35
Annual gross income from employment or profession: 45000
Annual gross income of spouse:50000
Type of employment:
Private
In general are you:
saving some each month, and over paying mortgage by 600/month
Rough estimate of value of home
€350000
Amount outstanding on your mortgage:
€96000
What interest rate are you paying?
Tracker .85% above ECB
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
Do you have a pension scheme?
Yes, and both paying AVC's
Do you own any investment or other property?
No
Ages of children:
6,3,1
Life insurance:
Yes
What specific question do you have or what issues are of concern to you?
We have a mortgage with 96k remaining. Its a tracker at .85% above ECB. repayments are €552.23/month, but have been overpaying it for the last 2 years by €600 extra/month so have just over 7 years left with it if this repayment could be continued.
We have also been saving hard for our kids future, and have approx 54k savings in BOI in a 6 month ICS Bond Acc, which is due to expire.
We are considering paying the lump sum off our mortgage, (which if we can keep up the overpayment, would have the mortgage paid off in 3 yrs and 7 months.) as we are worried about leaving it in the Irish banks. Our eldest is only 6, so we would have several years to save again when the mortgage would be cleared.
Alternatively, should we deposit it in a Rabo or Nationwide Uk deposit account? or any other suggestions?
We'd appreciate advice on this.
Thanks
Some Info:
Age: 34
Spouse’s/Partner's age:35
Annual gross income from employment or profession: 45000
Annual gross income of spouse:50000
Type of employment:
Private
In general are you:
saving some each month, and over paying mortgage by 600/month
Rough estimate of value of home
€350000
Amount outstanding on your mortgage:
€96000
What interest rate are you paying?
Tracker .85% above ECB
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
Do you have a pension scheme?
Yes, and both paying AVC's
Do you own any investment or other property?
No
Ages of children:
6,3,1
Life insurance:
Yes
What specific question do you have or what issues are of concern to you?
We have a mortgage with 96k remaining. Its a tracker at .85% above ECB. repayments are €552.23/month, but have been overpaying it for the last 2 years by €600 extra/month so have just over 7 years left with it if this repayment could be continued.
We have also been saving hard for our kids future, and have approx 54k savings in BOI in a 6 month ICS Bond Acc, which is due to expire.
We are considering paying the lump sum off our mortgage, (which if we can keep up the overpayment, would have the mortgage paid off in 3 yrs and 7 months.) as we are worried about leaving it in the Irish banks. Our eldest is only 6, so we would have several years to save again when the mortgage would be cleared.
Alternatively, should we deposit it in a Rabo or Nationwide Uk deposit account? or any other suggestions?
We'd appreciate advice on this.
Thanks
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