Hi Folks,
I'm looking for a bit of advice on whether to pay down a lump sum (10%), increase my monthly payments by 10% on my 10 yr fixed rate mortgage or other option?
Principal remaining = €126K
Term remaining = 12.5yrs
Rate = Fixed at 2.95% over 10 yrs (2.5yrs into this term)
Current repayment = €1,011
Other debts = None (luckily)
I'm allowed pay down €14,700 which I am thinking is the most prudent option but open to advice on this.
As savings rates are pretty much 0% I'm thinking at least I can save some interest by paying a chunk of this principle off.
Thanks in advance,
Bren