Save on deposit or pay off mortgage faster ?

B

beckett

Guest
Hi ,
With intestest rates going down is it better to pay off a mortgage faster by using up savings (50K) then it is to keep the savings on deposit for a rainy day (like job loss)?
Any suggestions welcome.
//Rob
 
If the interest rate on your mortgage is about or close to the rate you get on your savings then keep the money on deposit in case you need it.

Personally I would prefer to build up as much savings as possible at the moment. Assuming you are not finding the mortgage repayments too difficult to handle.
 
Thanks for the reply.
I have a NIB ECB + 0.5 and a Irish Nationwide 6% fixed term deposit.

May I ask why you would perfer to build up as much savings as possible at the moment ? (Rathar than a specific amount.)
 
NIB ECB + 0.5 and a Irish Nationwide 6% fixed term deposit - It's a no brainer - keep saving! Also it gives you a cushion if you find yourself out of work and who know what will happen next!
 
beckett said:
Thanks for the reply.
I have a NIB ECB + 0.5 and a Irish Nationwide 6% fixed term deposit.
Click to expand...

The NIB ECB+0.50% which is 2.00% is not a good rate. You should consider switching.

When does your Irish Nationwide 6% fixed term deposit mature?
 
fungus said:
The NIB ECB+0.50% which is 2.00% is not a good rate. You should consider switching.

When does your Irish Nationwide 6% fixed term deposit mature?
Click to expand...

2.00% mortgage rate is an absolutely fantastic rate! What are you on about?
 
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