Hi, looking for a bit of advice about using our savings to clear our top-up mortgage. Basically we took out our mortgage 6 years ago and are now on a tracker rate of ECB +1.25% and then 4 years ago we took out a top up mortgage of €25,000 at the same rate. Roughly €20,000 outstanding on this and 9 years to go.
We have savings of approx €30,000.
We think it would make sense for us to use our savings to clear the top up mortgage thus reducing our monthly outgoings and are just wondering if there are any flaws in our plan. I'll try and explain our situation as best I can - apologies if its long winded!
We don't and don't intend putting all our savings into high interest savings account as we will be needing it over the next few years.
We have three children under the age of four - I'm currently on maternity leave. I intend reducing my working hours when I'm due back in the new year to two days a week and we had thought that we would use some of our savings to cover the shortfall in our wages for the next few years while i'm on reduced hours.
The other thing that is slightly bothering us is the "speculation" that the Euro is going to be replaced by the Punt and that there is a possibility that we could lose our savings.
Any advice for us? Thanks in advance.
We have savings of approx €30,000.
We think it would make sense for us to use our savings to clear the top up mortgage thus reducing our monthly outgoings and are just wondering if there are any flaws in our plan. I'll try and explain our situation as best I can - apologies if its long winded!
We don't and don't intend putting all our savings into high interest savings account as we will be needing it over the next few years.
We have three children under the age of four - I'm currently on maternity leave. I intend reducing my working hours when I'm due back in the new year to two days a week and we had thought that we would use some of our savings to cover the shortfall in our wages for the next few years while i'm on reduced hours.
The other thing that is slightly bothering us is the "speculation" that the Euro is going to be replaced by the Punt and that there is a possibility that we could lose our savings.
Any advice for us? Thanks in advance.
