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Clearing Mortgage early

  • 23-02-2018 10:35am
    #1
    Registered Users, Registered Users 2 Posts: 2,543 ✭✭✭


    Hi all,

    We will be in the lucky position that between a lot of work in 2019 and early 2020 we will be able to pay off out mortgage.

    We currently owe 67k on a PTSB tracker mortgage.

    I am wondering would be better to save and pay in one large lump or as we earn the money pay down the mortgage............or does it even matter.


Comments

  • Registered Users, Registered Users 2 Posts: 33,777 ✭✭✭✭NIMAN


    If you pay it down as you earn, you will save on some interest.

    Might not be a lot but every little helps?


  • Posts: 5,121 ✭✭✭ [Deleted User]


    Will you have savings left besides?
    If not I would leave keep it until you are ready to clear it.


  • Registered Users Posts: 135 ✭✭omeara1113


    Hi I'm in the same position I hope to have mine cleared this year.. Can't wait
    My advice is clear it


  • Registered Users Posts: 27 benwed


    I also hope to pay mine off early as every reduction in my tracker rate in the last few years I didn't take and kept the repayments the same thus reducing my term by 2 yrs


  • Registered Users Posts: 301 ✭✭Nerd Queen


    NIMAN wrote: »
    If you pay it down as you earn, you will save on some interest.

    Might not be a lot but every little helps?

    +1


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  • Registered Users, Registered Users 2 Posts: 2,543 ✭✭✭Claude Burgundy


    Thanks,

    I'm going to pay it off as i have it. All going well we'll have it paid off 6 years early.


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