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Saving versus Paying Mortgage

  • 11-02-2019 11:15am
    #1
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭


    Hi everyone,

    Trying to decide which is better for us, paying the mortgage down faster or saving towards college for the kids. First child college age in 14 years

    Overpaying mortgage potentially loosens a large portion of monthly income but no lump sum for starting college. We would not have it fully paid off in time but could revert to term at that stage which would make the monthly payments much lower

    Saving has big lump sum but still 1k mortgage running during college

    It’s very hard to know. I like the idea of having a cushion lump sum. At the same time I’m conscious in particular that there is no life insurance for one person. I would struggle to repay the mortgage at 1k a month with childcare or college on my salary tbh.

    is there anywhere you can go to get proper financial advice on situations like this


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    Yes. Get a financial review done by a QFA. Ideally a fee based Authorised Advisor.


  • #3
    mickmac76
    Registered Users, Registered Users 2 Posts: 400 ✭✭mickmac76


    You could also ask for opinions on the ask about money forum as there are a lot of posters on the forum that can help you clarify your financial position and help with planning for the future. And after listening to what they think you can still go to an independent advisor with a better idea of where you stand and what you should be considering. The forum can be found at www.askaboutmoney.com and post your issue in the Money Makeover forum for the best advice. Note that although the website is a dot com site it is based in Ireland with Irish advisors giving their opinions.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    I'd be very wary of people offering free financial advice online. Might be well intended but it's as likely be wrong as right.


  • #5
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    We definitely will look for official financial advise, would just like to be going in knowing a bit


  • #6
    creeper1
    Registered Users, Registered Users 2 Posts: 696 ✭✭✭creeper1


    My instinct is that you should pay down the mortgage at this stage. There are student loans available for students. Also you would be in a much better position to take on a personal loan in the future if necessary (I don't think it would be)


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