Paying lump sum off mortgage

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Myself and my hubbie were talking yesterday about what to do with our SSIA's and a lump sum we got lately. I was thinking of car and some work that needs to be done on our house but my hubbie was suggesting we pay it off our mortgage. The amount would be nearly 1/3 of amount we got on our original mortgage. I know this is probably the sensible thing to do but I'm thinking we will have to borrow to change the cars in a couple of years and the same with the work to be done on the house so will it make any difference then. Is it worthwhile paying off the mortgage in a lump sum or if we increased our repayment amount by what we would be borrowing would this be a better option. Thanks
 
Have you considered putting it into a pension. You get tax relief up 42% & PRSI 6% on your contributions subject to the limits allowed by revenue. You can also contribute against last years income up to 31st Oct. Don't forget to claim PRSI element as well
 
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