We have never invested before, I have a very low risk tolerance and can get anxious easily
My instinct is just to put it on deposit for a year and then see again
Fair point. Thanks for your reply.I'm always surprised when people with a low risk tolerance don't see the risk of money deflating away in a deposit account.
Post updated, she pays 10% of salary and employer pays 6%. Thanks for your replyYou don't outline the extent of your spouse's pension cover.
Just to clarify, but I think you already understand this. You do not need to break & refix. You can pay part of all of the 200k off your mortgage balance, and keep your current rate for the remainder. That's a guaranteed 1.95% after tax return on your money. There would be no break fee at the moment.The best mortgage rate I can see atm (granted only looking on bonkers) is 3.65% 4 year fixed, to me it doesn't make sense to break our current fixed term even though the interest we are currently paying is more than we can get on deposit (€7656 last year, €~5150 in 2028) @1.95%
No, I did not understand this. I thought that if I wanted to pay part off, we would need to re-mortgage. Thanks for this.You do not need to break & refix.
Correct.keep term unchanged (c. 15 years?)
But what's the current value of the pension?Post updated, she pays 10% of salary and employer pays 6%. Thanks for your reply
Main queries:
Should we use savings to:
- save €200k (raisin or similar €100k each)
- reduce our mortgage (5 years remaining on fixed but breakage is probably 0)
- start a pension (me)
- invest
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