Are we crazy to continue to overpay our mortgage when redundancy is on the cards?
Outstanding balance of ~326k (€1m home) locked in for 7 yrs at 1.95%. Max overpayment is €35k this year without penalty, have already made one overpayment of €17.5k. Both 40 y.o, two earners, two young kids.
Our original goal was to clear the mortgage by the time the fixed rate ended. Alas it looks like redundancy looms for me, although the silver lining would be a sizeable lump sum (~250k). We have an additional 75k in savings & investments to add to this "war chest".
Feel we're in a comfortable enough position, despite the uncertain outlook, to make a remaining €17.5k overpayment before the year end. We could clear the mortgage entirely if redundancy comes to pass, and if it doesn't, we would continue with the mortgage plan uninterrupted.
Outstanding balance of ~326k (€1m home) locked in for 7 yrs at 1.95%. Max overpayment is €35k this year without penalty, have already made one overpayment of €17.5k. Both 40 y.o, two earners, two young kids.
Our original goal was to clear the mortgage by the time the fixed rate ended. Alas it looks like redundancy looms for me, although the silver lining would be a sizeable lump sum (~250k). We have an additional 75k in savings & investments to add to this "war chest".
Feel we're in a comfortable enough position, despite the uncertain outlook, to make a remaining €17.5k overpayment before the year end. We could clear the mortgage entirely if redundancy comes to pass, and if it doesn't, we would continue with the mortgage plan uninterrupted.