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Watersprite...I suppose it all depends on the risk and gamble people are willing to take. If the OP said that they had 120K mortgage and 120K saving, then I would say reduce the mortgage but keep a minimum of 50K to hand as rainy day fund... with it in a high interest account. But in this case as OP has more than a rainy day fund available after clearing debts then why take the gamble.. Based on your response I assume you suggest keeping it in savings?.. so now 4-2 in favour of clearing mortgage? Will be interesting to see other views on this
when keeping on deposit ensure you factor in DIRT and Inflation.
E.g., if you get a 5% return, thats 4% after dirt. Now if inflation is 1% in real terms you've gotten a 3% return. Is that better than the hit you take on the mortgage or not?
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