cash in prizebonds to pay lump sum off mortgage

E

eamo15

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Ok I have about 10k in prizebonds and have win 150 euro since december. my fixed rate with BOI is up in a few months and cant decide whether to knock about 5 grand of the mortgage or keep the money in prizebonds to see do i get a decent win..I know im being a bit of a dreamer but prizebonds are fun like the lotto i just dont lose my investment..if i was to knock 5 grand of the mortgage that would knock about 11 grand of in interest which is great..I m considering fixing for three years so should i knock the 5 grand of this year or wait another few years to knock of
 
that would be reckless the good thing about prizebonds is that you put yourself in a position to win a cash prize no matter how small its better than sitting in a current account and you can cash them with 7 days notice
 
I can't figure if this is some kind of joke post? You can knock 11k off in interest by paying 10k off your mortgage then do it , keep one prize bond if you want to have that one bit of hope every week , you have such a small % of the prize bond pool that holding 1 or 10k worth won't make much odds.
 
thanks fella what is the prizebond pool anyway its 5 k im going to knock of the mortgage thanks for the genuine advice
 
Hi eamo

My point may have been a bit subtle. You woudn't dream of remortgaging for an extra €10k to buy prize bonds.

But that is the exact same thing as buying prize bonds instead of paying down your mortgage.

You should use the money to pay down your mortgage and it may help you to get a lower rate of interest on your entire loan!

There are other key posts on the wisdom of fixing for three years.

Brendan
 
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