Have a tracker +0.75 with 12 yrs left approx 110k costing 900pm. Both working & save 200 p/m to 2 savings a/c (3600 balance in aib), (3000 balance in ebs) Have 11,000 in credit union with 4000 car loan. Also have a 0% balance transfer credit card debt of 2000 which we hopefully will pay off before 0% runs out in 9mths time. Other savings prize bonds of 2000.
My question is should I consolidate all my savings to 1 fixed term or lump sum deposit ac for a year or 2 (we shouldnt need to use this savings all going well for at least a year) or should i pay all off capital on mortgage & reduce my term. We would love to pay off the mortgage asap but its nice to have some savings just in case. Worried about the safety of savings in bank & cu, we are nearly 40 & was always hard to save with family but at least if we clear mortgage, house will be ours by time we are 50.
My question is should I consolidate all my savings to 1 fixed term or lump sum deposit ac for a year or 2 (we shouldnt need to use this savings all going well for at least a year) or should i pay all off capital on mortgage & reduce my term. We would love to pay off the mortgage asap but its nice to have some savings just in case. Worried about the safety of savings in bank & cu, we are nearly 40 & was always hard to save with family but at least if we clear mortgage, house will be ours by time we are 50.