Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Savings or Mortgage

  • 30-05-2010 11:41AM
    #1
    northside red
    Registered Users, Registered Users 2 Posts: 57 ✭✭


    Bank Manager ( b of i)rang me last week to say I had €12000 in my account and I should think about investing about €10000 in a savings account.
    My question is should I invest or would it make more sense to pay it against my mortgage which is € 108,000 at the moment and has 12 years to run.
    Thanks


Comments

  • #2
    funnyname
    Registered Users, Registered Users 2 Posts: 1,815 ✭✭✭funnyname


    northside red wrote: »
    Bank Manager ( b of i)rang me last week to say I had €12000 in my account and I should think about investing about €10000 in a savings account.
    My question is should I invest or would it make more sense to pay it against my mortgage which is € 108,000 at the moment and has 12 years to run.
    Thanks

    if the rate on the savings account net of DIRT is higher than the interest on your mortgage then yes.


  • #3
    homer911
    Registered Users, Registered Users 2 Posts: 5,163 ✭✭✭homer911


    Its not that simple - it you have no short to medium term use for the funds, you would be far better off paying the money off your mortgage - it will make a huge dent in the life of the mortgage and give you significant disposable funds at a time when you may be more likely to need it.

    Whatever your decision, you should make your money work for you rather than leave it wallow..


Advertisement