should I pay off mortgage?

[dubrov]

No file return is required as DIRT is deducted at source by Irish/English banks. i.e. the interest your receive will already be net of DIRT tax.

If you look on the deposits best buys thread, it looks like the best rate for on demand deposits at the moment is 3.35% from Permenant TSB. Factoring in DIRT and no TRS, I make that a saving of (3.35%*0.75 - 2%) = 0.51% on €120k so about €615 a year.

This margin may increase or decrease over time so it might be worth checking every 6 motnhs or so. Once it drops below 0, it probably makes sense to paydown the mortgage.

I guess you need to decide if the savings are worth the hassle.

 

[endag.]

not sure if this is the correct place to post, but my question follows; If i managed to sell the house I just moved out of (perhaps wishful thinking)I would like to invest the profit (definitely wishful thinking) and the original mortgage amount rather than paying off the mortgage as I am on a tracker rate. is this legal? or do I have to pay off the mortgage as soon as I sell the house? thanks for your help.

 

[WaterSprite]

You have to pay off the mortgage as soon as you sell the house because you will be transferring the deed of the house (which is the basis of the mortgage) to the new owner.

 

[endag.]

cheers! thought it was too good to be true

 

[Frank]

I would love to be in this position.

The mortgage is an awful noose around the neck.

I suppose you could pay off part of the mortgage 60 to 100 grand then wipe out the rest over a few short years.

How about going to Vegas and putting the lot on black

 

[plendoza]

Congratulations to the OP for accumulating and holding on to his savings during the Celtic Tiger years. Depends on your earnings of course, but a lot of credit due here.

Maybe you could give Brian Lenihan a break while he is getting treatment.

 

[dimma02]

Congratulations to the OP for accumulating and holding on to his savings during the Celtic Tiger years. Depends on your earnings of course, but a lot of credit due here.

Maybe you could give Brian Lenihan a break while he is getting treatment.

Thanks for that,,did'nt pay off mortgage as got better instrest in savings at present so will monitor,,,sometimes I do feel like I should blow off a bit of it and have a good time but then the sensible side takes over!!!!!!