B
bilbob
Guest
Hi New user (with very little financial/mortgage knowledge)
My brother and I have a 30 year mortgage with EBS, we currently have a 3 year fixed mortgage of 220k plus (can’t remember the rate) and a top-up on a variable rate of 70k. Current repayment are about €1400 p/m (1100 and 300)
Our plan is twofold firstly rent out a room for €350 a month and secondly save towards a second property.
With this 350 a month what is the wisest way to invest it, I think we should redeem it on a monthly basis against the fixed portion of the mortgage thereby reducing interest long term and building up equity towards the purchase of a second property, as I have heard increasing your mortgage payments can save a lot of money long term.
We currently have equity of about 80k.
Any advice greatly appreciated
My brother and I have a 30 year mortgage with EBS, we currently have a 3 year fixed mortgage of 220k plus (can’t remember the rate) and a top-up on a variable rate of 70k. Current repayment are about €1400 p/m (1100 and 300)
Our plan is twofold firstly rent out a room for €350 a month and secondly save towards a second property.
With this 350 a month what is the wisest way to invest it, I think we should redeem it on a monthly basis against the fixed portion of the mortgage thereby reducing interest long term and building up equity towards the purchase of a second property, as I have heard increasing your mortgage payments can save a lot of money long term.
We currently have equity of about 80k.
Any advice greatly appreciated