Pay mortgage or save

[Gerard12]

Hi all

I am wondering what is the best thing to do. My mortgage is €40k approx. (8 more years to pay) and I have savings of about €30k in different bank accounts. I will have a child going to university next year. Should I pay off some of my mortgage, or just put the money in a good saving account. Bearing in mind that I will need to pay for the child's university i.e. college fees, books etc. I would be grateful for any advice.

Gerard12

 

[duchalla]

Hi Gerald,

If I were you, I continue to pay my mortgage monthly, rates are as low as they are ever goin to be, theres no real advantage in paying off your mortgage early if you need the €30,000 to put your child through university. Thats my opinion for what its worth.

 

[Brendan Burgess]

Check the Key Posts where it is argued out systematically.