Should I pay €30k off a buy to let in deep negative equityy?

pingin2 said:

Would it make sense to use the 30,000 to further reduce the capital if I'm keeping the property ?
Thanks again to everybody who took the time to reply.

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If you save the €30K you earn interest
If you pay if off the mortgage, you save by paying less interest.

Your tracker rate is low but the interest rate that you could earn on the €30K is also low, and was reduced even further by the increase in DIRT.

I have not done an analysis which will make you more money in the long term, but my back of the envelope estimate is that the difference between the two approaches is very small.

The advantage of not paying off the mortqage, is that you keep control of the €30K in case you need it for something else. If you pay it off the mortgage, you lose this.

Thanks huskerdu.
You sum it up well . I can do without the money however I'm not really sure that if I want to put it all into the property either.

huskerdu said:

my back of the envelope estimate is that the difference between the two approaches is very small.

The advantage of not paying off the mortqage, is that you keep control of the €30K in case you need it for something else. If you pay it off the mortgage, you lose this.

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I agree that if the difference is small the OP is better off keeping the 30K.