€10k to spare,Mortgage or Invest

TheBig40 said:
You could also decrease the total amount and carry on with your current overpayment plan. View attachment 5225View attachment 5226
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Thank you very much for that. I would like to clear it asap but as comfortably as I can.
Another way I was thinking would be to hold back say €4k to go with my other funds, pay €6k off mortgage and increase the overpayment to €200 making the monthly payments €650.
I would be comfortable with that. What way would that leave the term?
 
I’m currently fixed with ptsb until Oct 21 at 3.3% could I call them up and ask for a lower rate?
 

Extra mortgage payments calculator - CCPC

Paying extra off your mortgage
www.ccpc.ie

you can play around with your figures using the calculator in the link and you will see what the 6/10k difference is and with your overpayments.

I went through this when I moved the mortgage last year it’s a bit of a balancing act between having a reserve and knowing you’ve very little left in home loans
 
Cavangal said:
Hi was there much work involved in fixing? I have only ever been variable.
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Just phone them and ask. I think there's a form to fill in, but I can't find it.

They should include your rate options along with your annual mortgage statement.

(Edited to remove reference to fee which no longer exists)
 
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Cavangal said:
Hi was there much work involved in fixing? I have only ever been variable.
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No was very easy, I was already coming to the end of my previous fix so they wrote to me with the options. I just picked which one I wanted and sent the form back to them. There was no fee to pay.
 
FANTANA said:
No was very easy, I was already coming to the end of my previous fix so they wrote to me with the options. I just picked which one I wanted and sent the form back to them. There was no fee to pay.
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Thanks
 
RedOnion said:
Just phone them and ask. I think there's a form to fill in, but I can't find it.

They should include your rate options along with your annual mortgage statement.

(Edited to remove reference to fee which no longer exists)
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I will call next week. If you find the form please let me know.
 
Hi everyone I'm back with another question.
I have a little fund gathered again and I am wondering if I should keep tackling the mortgage or something else? With rising energy costs I was thinking about solar PV panels.
My current mortgage balance is €76k variable @3.7%. I have the option to fix for 2 years @3.1% but didn't fix in case I wanted to pay more off it.
 
Cavangal said:
Would anyone have an opinion on mortgage or solar?
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Mortgage.

To get a return on solar you would need to be maximising use for 15-20 years.

Energy prices go up and down constantly. They will drop again.

I'd pay down the mortgage.

I'd also make sure to change energy supplier if you have not changed in the past 12 months (,and do it every year) This can save 30%+ on your electricity unit costs.
 
I paid a lump sum off my mortgage then I moved from a AIB variable rate of 3% to a fixed of 2.35% for 4 years. If I save up money now in next few years which seems unlikely with soaring fuel, heating, electricity i can then pay that off again once i come off fixed to a variable. Then fix again a few months later. You CAVANGAl might consider that option as well.
 
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