Hi,
I have €27K saved in Northern Rock (4.3%) and add €1K each month. I am aware of Halifax's deal. I am looking for some ideas or recommendations for savings. I earn approx €50/Yr.
My question is that - what would you do now at this stage - accelerate pay off the mortgage month by month or use the money to invest in a another tracker?
If recommending investment...
I think I have enough in Quinn Life as I'd like to spread it around. Is there anything close to Quinn Life with no entry/exit spread fees and a simple annual charge of 1% or less? I don't mind a med/high risk tracker? I would be looking at saving initially maybe €350 a month. I will look at the best buys in the meantime.
Or would you pay off the mortgage? My folks think it would be a waste. ie, the argument is that inflation "pays" off some off it. I am not convinced and think I should whittle it down. It's a tracker mortgage at 4.95%. I pay €400/month on it. They think I would be better off using the money for something else rather than hitting the mortgage that they think is low enough.
My background is:
54K in Irish and UK shares. (built up over 8 years)
38K in Quinn Life (split between Irish/Europe/some US)
3.6K in 7.1%/Yr AIB Save Plan
27K in Northern Rock (I would consider 12K core emergency savings)
7K ESPP
73K Pension
On the flip side
57K remaining on mortgage
No debts.
I am in IT sector for 8 years, single and in my early thirties. I have no aims right now. My investment outlook is open ended, long-term and medium/aggressive.
I have €27K saved in Northern Rock (4.3%) and add €1K each month. I am aware of Halifax's deal. I am looking for some ideas or recommendations for savings. I earn approx €50/Yr.
My question is that - what would you do now at this stage - accelerate pay off the mortgage month by month or use the money to invest in a another tracker?
If recommending investment...
I think I have enough in Quinn Life as I'd like to spread it around. Is there anything close to Quinn Life with no entry/exit spread fees and a simple annual charge of 1% or less? I don't mind a med/high risk tracker? I would be looking at saving initially maybe €350 a month. I will look at the best buys in the meantime.
Or would you pay off the mortgage? My folks think it would be a waste. ie, the argument is that inflation "pays" off some off it. I am not convinced and think I should whittle it down. It's a tracker mortgage at 4.95%. I pay €400/month on it. They think I would be better off using the money for something else rather than hitting the mortgage that they think is low enough.
My background is:
54K in Irish and UK shares. (built up over 8 years)
38K in Quinn Life (split between Irish/Europe/some US)
3.6K in 7.1%/Yr AIB Save Plan
27K in Northern Rock (I would consider 12K core emergency savings)
7K ESPP
73K Pension
On the flip side
57K remaining on mortgage
No debts.
I am in IT sector for 8 years, single and in my early thirties. I have no aims right now. My investment outlook is open ended, long-term and medium/aggressive.