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Savings or Mortgage

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  • 30-05-2010 12:41pm
    #1
    northside red
    Registered Users Posts: 57 ✭✭


    Bank Manager ( b of i)rang me last week to say I had €12000 in my account and I should think about investing about €10000 in a savings account.
    My question is should I invest or would it make more sense to pay it against my mortgage which is € 108,000 at the moment and has 12 years to run.
    Thanks


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    #2
    funnyname
    Registered Users Posts: 1,757 ✭✭✭funnyname


    northside red wrote: »
    Bank Manager ( b of i)rang me last week to say I had €12000 in my account and I should think about investing about €10000 in a savings account.
    My question is should I invest or would it make more sense to pay it against my mortgage which is € 108,000 at the moment and has 12 years to run.
    Thanks

    if the rate on the savings account net of DIRT is higher than the interest on your mortgage then yes.


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    #3
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Its not that simple - it you have no short to medium term use for the funds, you would be far better off paying the money off your mortgage - it will make a huge dent in the life of the mortgage and give you significant disposable funds at a time when you may be more likely to need it.

    Whatever your decision, you should make your money work for you rather than leave it wallow..


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