Hi,
I would really appreciate some third party perspective on paying off a mortgage early. Details as follows:
PTSB, tracker ECB + 2.3%
110,000 to be paid down over
130,000 in savings sitting on deposit.
Annual salary of 70,000. Paying into company pension.
No other loans and no dependants.
I think repaying early will save me around 28k on interest repayments. I realise I'm lucky to be on a relatively low interest rate, although the ECB is set to rise next year.
Would love to hear your thoughts.
Mclovin
The house is valued at 60,000, very low price, it must be a very small house in a rural area.
To avail of 3.3% tracker on 100k?Unless you plan to purchase another property in the near future
More to have money available for furnishings, extensions, etc. if a potential move happened.To avail of 3.3% tracker on 100k?
Just pay it off.
More to have money available for furnishings, extensions, etc. if a potential move happened.
I say most rather than all, because it may be handy to have an 'overdraft' of say 30k for emergencies which is only effectively costing you 3%.
It's a bit different here. OP can clear mortgage, and still have 20k in cash.Yeah the recent post by someone who cleared their mortgage to then want to go and do some return.
Your post doesn't make any sense.You could compromise with both and re mortage for a much smaller amount letting you keep a little more in your savings .
Your tracker isnt a fantastic rate worth keeping at any cost if your in a position to clear if rates have a large hike.
You could get 2.2% 3 yr fix from kbc and similar from others ,avail of the cash back schemes and you could get upto 3k back from the likes of ptsb etc for switching.
Is it defintely 24yrs left as last tracker was about 10 yrs ago and your principle hasnt reduced greatly in that 10 yr period .
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