I have a 20 year interest only tracker mortgage since 2007 for the amount of €140,000. The interest only repayment is €58 per month.We are both aged 60 and retired.with 3 adult children. The tracker was used to purchase an investment property which yields approx €6.500 rent per annum.We are paying over €1000 per annum on life cover for the sum of €140,000. I have approx.€120,000 invested in 10 year solidarity bonds some at 25% return more at 16% return to yield the additional €20,000 to pay off the capital in 2027.
My wife recently received a pension lump sum of €88,000.We are wondering should we pay off some of the mortgage or simply invest my wife's lump sum.Should we continue to pay the life cover and wait until the existing solidarity bonds mature prior to 2027 to pay off then?
My wife recently received a pension lump sum of €88,000.We are wondering should we pay off some of the mortgage or simply invest my wife's lump sum.Should we continue to pay the life cover and wait until the existing solidarity bonds mature prior to 2027 to pay off then?