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Pay Down Mortgage or Save

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  • 16-11-2020 12:08pm
    #1
    richbohs
    Registered Users Posts: 33 ✭


    Hi Guys,

    Bought a new build last year near Dublin, however with the advance in WFH I intend to sell and build at home (West Meath) on a site the parents have put aside for me. I availed of the help to buy so will have to wait another four years before I can make the move or revenue can clawback.

    Just wondering what people would do in my position, should I continue to overpay the mortgage or should I pay the minimum mortgage and try to build up my savings?

    Any opinions appreciated.

    Thanks


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    #2
    Cantstandsya
    Registered Users Posts: 737 ✭✭✭Cantstandsya


    richbohs wrote: »
    Hi Guys,

    Bought a new build last year near Dublin, however with the advance in WFH I intend to sell and build at home (West Meath) on a site the parents have put aside for me. I availed of the help to buy so will have to wait another four years before I can make the move or revenue can clawback.

    Just wondering what people would do in my position, should I continue to overpay the mortgage or should I pay the minimum mortgage and try to build up my savings?

    Any opinions appreciated.

    Thanks


    You're getting nothing for your savings right now. Overpaying your mortgage will save you a significant amount on interest.

    Figure out what you need to save to make your move and aim for that... I'd plough anything above that figure into the mortgage


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