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Morgage question

Tim Robbins · 2007-07-13 11:01:06

Hi, Excuse my stupidy. I have a 21 years left on a 25 year morgage (ECB tracker). I am thinking of trading up in the next 2 years. Are my better off putting my savings off against my current morgage (so I owe less) or saving up as much as possible for the trade up. To trade up I will more than likely have to sell and close…

13-07-2007 11:01am

#1

Tim Robbins

Registered Users, Registered Users 2 Posts: 9,023 ✭✭✭

Join Date: July 2006

Posts: 8054

Hi,
Excuse my stupidy.
I have a 21 years left on a 25 year morgage (ECB tracker).
I am thinking of trading up in the next 2 years.
Are my better off putting my savings off against my current morgage (so I owe less) or saving up as much as possible for the trade up.
To trade up I will more than likely have to sell and close my current morgage and then with the profit use that as a basis for a deposit for a new place for which I will have to draw down a new (probably) 30 year morgage.
Cheers

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Comments

#2 13-07-2007 11:04am

oxygen_old

Closed Accounts Posts: 897 ✭✭✭

Join Date: November 2004

Posts: 678

Buddy, you would be better off asking on askaboutmoney.ie.
Its like boards, but they know what there talking about. I got some good answers there

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