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Over pay mortgage or AVC

  • 28-10-2016 6:30pm
    #1
    ted1
    Registered Users, Registered Users 2 Posts: 23,894 ✭✭✭✭


    Just seen what people's views are,
    I'm in a company scheme where I pay x% and they pay y% into my pension.

    For the past while I have been paying an additional 1% into an AVC.

    Would it be a better idea to over pay the mortgage? I like the idea that for every 100 I pay in my salary is only down about 50.

    I'm mid 30s.

    Currently fixed with AIB at 3.8%. I've looked at moving mortgages but with 3 kids they wouldn't give us what we had. Although KBC did try to offer us insurance for 200 a month.


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    If you're on a fixed mortgage rate then I don't think you'll be allowed to increase the monthly payments but in any event the AVC is spectacular value for money because of the tax breaks so I'd definitely pump up that contribution.


  • #3
    iainBB
    Registered Users, Registered Users 2 Posts: 460 ✭✭iainBB


    coylemj wrote: »
    If you're on a fixed mortgage rate then I don't think you'll be allowed to increase the monthly payments but in any event the AVC is spectacular value for money because of the tax breaks so I'd definitely pump up that contribution.

    Pension are not amazing , split the investment over pay mortgage if you can without fee's and pay into pension, investment plan.


  • #4
    ted1
    Registered Users, Registered Users 2 Posts: 23,894 ✭✭✭✭ted1


    Thanks, the mortgage is only a 3 year fixed which expires soon.


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