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Paying a Lump Sum off my Bank of Ireland Mortgage

  • 22-11-2016 4:29pm
    #1
    TestLink
    Registered Users, Registered Users 2 Posts: 790 ✭✭✭


    I got 100% mortgage (2007) and have 25 years left. There is 295000 euro left to pay. I am on Tracker 1.25% above ECB rate.

    I have 10000 euro in my bank account now and is thinking about paying a Lump Sum of 10,000 towards my mortgage and reduce my term to 20 years.

    Is this wise? Or shall I invest this money in a fixed deposit or savings account or some thing like that in a foreign bank with 8% interest ?


Comments

  • #2
    sword1
    Closed Accounts Posts: 1,991 ✭✭✭sword1


    Where can you get 8% interest?


  • #3
    TestLink
    Registered Users, Registered Users 2 Posts: 790 ✭✭✭TestLink


    ICICI Bank, HDFC Bank etc


  • #4
    sword1
    Closed Accounts Posts: 1,991 ✭✭✭sword1


    Well if you can get that with little risk you would be foolish to pay off a tracker at a low rate ,you will never get a loan on those terms again


  • #5
    TestLink
    Registered Users, Registered Users 2 Posts: 790 ✭✭✭TestLink


    The Tracker rate is low now bec the ECB rate is low. What happens when the ECB rate goes high again?


  • #6
    sword1
    Closed Accounts Posts: 1,991 ✭✭✭sword1


    I am no expert but if you put the money away in to something you will have access to it again in a maximum of 5 years you can review the situation then ,its not going to go that high in that timeframe


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