Lump sump available - need advice on how to proceed

[paddyroe]

Hi Alll,

First time poster basically my position is this:

House purchased during boom 240k approx 23 years left
Current value approx 150k

Mortgage 143K PTSB SVR 5.19%

Cash 75K
Loan from family interest free 40k

Rainy day cask 5K
In full employment on avg ind wage safe as safe can be in private sector.
No other debt.

Question: Should I pay of the mortgage with the cash and family loan? I know I wont get higher in the bank interest wise and I will save over the life of the mortgage but I keep getting a feeling I am doing the wrong thing by paying this off. I have read the key post on whether to pay off mortgage with lump sum and it makes sense. I suppose I am wondering realistically will anything be done for those of us who scrape by to pay mortgage and still work? Is there anything better to do with my money? Any suggestions or comments would be welcome. I appreciate I am in a very good position but I have worked hard and usociable hours to get this money I dont want to make another mistake after buying in the boom.

Thanks

 

[Brendan Burgess]

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