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Money to Invest

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  • 04-10-2006 11:43am
    #1
    bennyc
    Registered Users Posts: 1,907 ✭✭✭


    I am currently between houses and have 100K made on a house just sold after paying off the mortgage
    I have a mortgage on my new home which I plan on keeping as is.

    Would I be wiser to invest the 100K for ten years as I know if i pay off on the mortgage I will never save anything.

    On Rabo's 3.6% do I pay tax on the profit made and when am I liable to tax and how much.

    Any advise welcome


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    #2
    DublinWriter
    Registered Users Posts: 9,557 ✭✭✭DublinWriter


    bennyc wrote:
    I am currently between houses and have 100K made on a house just sold after paying off the mortgage
    I have a mortgage on my new home which I plan on keeping as is.

    Would I be wiser to invest the 100K for ten years as I know if i pay off on the mortgage I will never save anything.

    On Rabo's 3.6% do I pay tax on the profit made and when am I liable to tax and how much.

    Any advise welcome
    You'll be liable to pay Capital Gains Tax on any money you make.

    I'd advise you to spread your investment between portfolios, ranging from very safe to high-risk. A lot of the banks and building societies offer a range of specialised funds in certain areas - ethical, far east, Irish property, etc.

    Again, the golden rule is don't put all your eggs in the one basket, and don't put the greater portion of your money all into high-risk funds.


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    #3
    Blackjack
    Registered Users Posts: 3,611 ✭✭✭Blackjack


    bennyc wrote:
    I am currently between houses and have 100K made on a house just sold after paying off the mortgage
    I have a mortgage on my new home which I plan on keeping as is.

    Would I be wiser to invest the 100K for ten years as I know if i pay off on the mortgage I will never save anything.

    On Rabo's 3.6% do I pay tax on the profit made and when am I liable to tax and how much.

    Any advise welcome

    Pay off the Mortgage with it TBH. You'll end up paying back about 2.5 times the amount if you leave it as is it.
    If you're worried about not saving anything, try overpaying the mortgage by the amount you would have been paying had you not lumped the 100K back in. You'll pay your mortgage off a lot quicker, and in doing so in a few years your house paid off. Not having to pay a mortgage each month in a few years will ease your finances for a number of other things, such as saving for retirement, a few luxuries etc.


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