Should I pay a lump sum off my mortgage

emerf

Registered User
Messages
11
Hi,
I have a mortage of 152,000 on our incvestment proeprty. It is valued at 240k (but Doubtful if it would sell at the moment) Of that 152, 50k is actaully related to our PPR. There is no mortage on the PPR. We bought ppr from the proceeds of the sale of our prevsius home and got a top up of 50k in the rip to do the house up.

I am due a bonus from work of about 10-15k. I have some money in savings, have paid for my car and have no real debts save the mortgage.

Would it be a good idea to pay some or all of the bonus off the mortatge?
the term remaining is 19 years, variable rate 5.1% at the mo. Monthly payment ca. 1050

Otherwise I would put the bonus into my anglo account/rabo account

Many thanks
 
Without knowledge of the loan terms & conditions (i.e. penalties for early redemption), the benefit cannot be quantified.
 
Hi,
I am making enqurieis, but if there are no such penalties- I am hoping not since I am not on a fixed rate- would it be a good idea?
thanks