anotheranother
Registered User
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- 9
Hi,
I have a tracker, interest only mortgage. I owe 400K on it, and in 13 years the term is over.
I will have a lump sum of 200K between a public pension and an old private pension, and will retire in 13 years. I think I can take 200K lump sum tax free? If so, that means I have to save 200K over the next 13 years in order to be in a position to pay off the interest only mortgage
I have no other debts, pay credit card every month etc. Have a fund set aside for College for the kids. We have a rental property, fully paid off, worth about 400K, which we could sell to cover the mortgage, but would like to keep for retirement income.
I have started to save 1,500 per month, into a bank saving account. If I keep this up for 13 years, I will have saved over 200K. But would I be better off putting some or all of that 1500 a month into an investment fund instead of leaving it in a bank saving account? Any advice appreciated.
Regards,
ANO
I have a tracker, interest only mortgage. I owe 400K on it, and in 13 years the term is over.
I will have a lump sum of 200K between a public pension and an old private pension, and will retire in 13 years. I think I can take 200K lump sum tax free? If so, that means I have to save 200K over the next 13 years in order to be in a position to pay off the interest only mortgage
I have no other debts, pay credit card every month etc. Have a fund set aside for College for the kids. We have a rental property, fully paid off, worth about 400K, which we could sell to cover the mortgage, but would like to keep for retirement income.
I have started to save 1,500 per month, into a bank saving account. If I keep this up for 13 years, I will have saved over 200K. But would I be better off putting some or all of that 1500 a month into an investment fund instead of leaving it in a bank saving account? Any advice appreciated.
Regards,
ANO