What are people doing with mortgage interest 'savings'?

don, we were haunted to get tthe rate, counting our lucky stars, only moved house during the summer and wont be moving again so its great.

thanks for all the advise, just printed off anglo application there so all systems go
 
From replies below, we also would be better off saving and then paying a lump sum towards the mortgage at a later date.
Am a bit clueless but there is a parent saver account with AIB that is currently offering 8.75% on a monthly saver account. It is guaranteed to be ECB + 6% until May 09 & then ECB + 4% until May 2010. You can save 200/month but each 'child' can have 4 accounts. At the end of the year the lump sum you have saved is transferred into an account that currently earns 1.75%
We kept our mortgage repayments the same as before the interest rate cuts so that effectively reduced the term by 6 years. Our variable interest rate is 3.75% so I think we would be better off extending the term of the mortgage back out to 30 years and saving as much as possible for the year and then we can put that into the mortgage. I think we are also getting less TRS (as first-time buyers) as we are reducing our loan at a faster rate.
Am I right in thinking this??
Thanks
 
The 10% pay cut I've had to take in work pretty much equals the reduction in mortgage payments so nothing to play around with!
 
Was overpaying anyway so decided to put it towards savings, thinking about buying a car and I'd rather not borrow for it so have earmarked some savings for that and it is going into there...

Of course not last month cos I think I spent it all (and some) on dresses :)
 
no debts other than mortgage, so takin gthe surplus of the principle, then found out im be made redundant soon so reducing the payment to exactly the amount due and saving like a ...
 
so-crates said:
:D too true but I will be a model of restraint


You used the word "hope" though :) ... not the most definite of words
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meaning I hope you guess that I am male. Not being you, or knowing you, and not knowing what you do or don't know about me, I can't say what you will or will not guess. sorry.
 
I was just thinking about this the other day when I got another letter reducing my mortgage. Mine has dropped over €225 in about six months and it was not massive to begin with.

Unfortunately, I have squandered any savings to date, so as and from Monday am going to fix it at the old rate as I just take all of my savings/bills etc out and just spend the difference.
 
Apparently principles, topshop, oasis, next etc are all accepting online orders and delivering to Ireland now too. Not that that's remotely relevant, of course.
 
Vanilla said:
Apparently principles, topshop, oasis, next etc are all accepting online orders and delivering to Ireland now too. Not that that's remotely relevant, of course.
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and don't forget all the gadget sites
 
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