Just wondering would it make more sense to overpay our mortgage and thus reduce the amt of interest we pay or start a savings account for the kids education (university level). Would it be better to pay into the mortgage now and then re-mortgage to pay for kids education if need be when the time came?
Just thinking the interest we pay on repayments would be more than we could get on a savings a/c?
The children are 5 and 2.5 and there will hopefully be another at some stage.
Mortgage is €257,000 outstanding over 20 years approx on tracker mortgage at 0.75% above ECB.
We have a small Rabo savings ac also which we hope to add to separately.
No plans to move/upgrade house.
No other loans.
Earn €84,000 combined plus extra possible.
Thanks