Hi Brendan,
This is an update from yesterday with more details.
My mortgage is due to expire in 4 years, 10 months time, 2020. The rate is 3.7% and is variable. Struggling to keep my last child in her final year in college. I'm due to receive a lump sum which would clear it, would you advise that would be a prudent thing to do. The repayments are €1,000 monthly which is crippling me at the moment.
Without knowing your age, marital situation, family situation ( young kids, kids in college, elderly parents and financial circumstances, no-one can answer that properly.
Perhaps if you followed this link and posted more detail, people would be better able to hep you?
What rate are you paying on the mortgage ? What are the current repayments ? In general mortgage rates (about 4%) are much higher than deposit rates (about 1%) so if you don't need the money right now then pay it off. Note that if you are in a fixed rate mortgage there may be a penalty claus to clear it early so make sure you are on an Standard Variable Rate mortgage.
What rate are you paying on the mortgage ? What are the current repayments ? In general mortgage rates (about 4%) are much higher than deposit rates (about 1%) so if you don't need the money right now then pay it off. Note that if you are in a fixed rate mortgage there may be a penalty claus to clear it early so make sure you are on an Standard Variable Rate mortgage.
When is the fixed rate up ? I think you would need to contact the bank and ask them if there would be a break out fee if you paid it off in full. Also what is the rate at the moment.