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Using savings to pay off mortgage balance

  • 09-11-2011 11:51am
    #1
    ceekay74
    Registered Users, Registered Users 2 Posts: 634 ✭✭✭


    After a recent conversation about the potential collapse of the euro and it's affect on savings, i was advised by a friend of a friend to use any savings i have to pay off some of my remaining mortgage. I have about 20 grand saved and still owe about 180 grand on the mortgage.

    Is there any wisdom in this advice?? :confused:


Comments

  • #2
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    The best advice is to speak to a QFA and not listen to hear say or ask random people off the internet.


  • #3
    ceekay74
    Registered Users, Registered Users 2 Posts: 634 ✭✭✭ceekay74


    Otis Driftwood wrote: »
    The best advice is to speak to a QFA and not listen to hear say or ask random people off the internet.

    Thanks for that, but i just thought i'd throw it out there.


  • #4
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    If it were to collapse paying a mortgage would be the least of my worries. As said seek advice impartial advice from someone not looking to sell you something.


  • #5
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Also if you have a fixed rate mortgage their will be a penalty for repaying early. This cant be avoided.

    On variables/trackers there is no penalty for early payments/overpayments so only worth considering if you are on one of these.

    Also it is very dependent on what rate of interest you are on also. Some low rate trackers you may be able to get a better rate on deposit for your money.


  • #6
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    ceekay74 wrote: »
    After a recent conversation about the potential collapse of the euro and it's affect on savings, i was advised by a friend of a friend to use any savings i have to pay off some of my remaining mortgage. I have about 20 grand saved and still owe about 180 grand on the mortgage.

    Is there any wisdom in this advice?? :confused:

    If this "friend of a friend" had advised something along the lines of switching out of Euro to say Sterling, there would be some merit in the argument. But pay down your mortgage? It's hard to understand what is the logic of the advice is? :confused:


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  • #7
    ceekay74
    Registered Users, Registered Users 2 Posts: 634 ✭✭✭ceekay74


    stepbar wrote: »
    If this "friend of a friend" had advised something along the lines of switching out of Euro to say Sterling, there would be some merit in the argument. But pay down your mortgage? It's hard to understand what is the logic of the advice is? :confused:

    I was a bit confused myself, but it was along the lines of it's better to have no savings and lower debt, than having no savings and big debt in the event of ireland leaving the euro.


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