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Should I pay mortgage despite penalty?

goob20s · 2017-03-12 23:27:52

We are fixed for 3 years on a 30 year mortgage. We are 1 year in at 3.55%. Should I just pay off as much off the term despite Ulster banks penalty fees for overpaying? I've already paid the max I can overpay in a year of 1000 euro or would I better off investing my savings?

13-03-2017 12:27am

#1

goob20s

Registered Users Posts: 138 ✭✭

Join Date: November 2012

Posts: 110

We are fixed for 3 years on a 30 year mortgage. We are 1 year in at 3.55%. Should I just pay off as much off the term despite Ulster banks penalty fees for overpaying? I've already paid the max I can overpay in a year of 1000 euro or would I better off investing my savings?

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Comments

#2 13-03-2017 10:10am

Merowig

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Join Date: March 2010

Posts: 396

I would consider putting them in a savings account and overpay after the 3 years. Or I would put it in a pension.

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#3 13-03-2017 3:19pm

daheff

Registered Users, Registered Users 2 Posts: 5,870 ✭✭✭

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Posts: 5649

dont over pay and invoke the penalty. Its not going to be worth your while.

Save the money in a deposit account until the fixed period is over. Then make a lump sum payment. Or put it into a pension.

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