Saving in one fund or using 2 different ones

[practitioner]

We have a unit linked savings policy with Quinn Life spread over Euro and Japan and Emerging markets.We recently transferred mortgage to NIB and increased the repayments so that the term is reduced from 25 to 13 years.The loan to value is 50 % and the amount left to repay is 3 times annual income.We have no other loans and contribute max to pensions re allowable tax relief.With a maturing ssia, we wonder would it be better to contribute a larger amount to Quinn life after setting an emergency rainy day fund aside or to go with something like the La Brokers offer of 1% management charge and go with a different provider like Eagle Star so as not to have all eggs in one basket as it were? Is it better to have things in the one fund re compounding or does it matter?We are aware that the Eagle Star fund needs to stay in place for 5 years.These would be our only long term savings plans.Any commentary appreciated.

 

[Timmc]

A little off note -
But what kind of repayment increase did you do - to enable 25 to 13 years reduced mortgage ?

At present have some extra cash flow and not sure if mortgage or savings should get the extra kick...

 

[ClubMan]

Use Karl Jeacle's mortgage calculator to estimate the potential interest cost savings and effective term reductions possible through various accelerated lump sum or regular capital repayment strategies.

 

[practitioner]

When we changed from the initial mortgage provider, we suggested a certain amount that we would pay each month and when this was worked into NIB calculation, the figure of c. 13 years came up as opposed to saying we wanted to pay off amount in 13 years.

 

[ClubMan]

The calculator above will allow you to get more insight into the effects of fixing your payments at a particular level or otherwise making lump sum or regular accelerated capital repayments.