[quote=“corner back, post: 881980, member: 1572”]Is it worth your while paying chunks off a tracker mortgage?
I thought wrongly that the bank would be interested in giving me some sort of discount as they are seemingly losing money on tracker mortgages.[/quote]
In my opinion: no. It’s cheap money and you’ll struggle to get the returns at the same rate anywhere after tax.
All depends on what rate you’re paying on your mortgage. Anyone with a tracker would be mad to be paying off their mortgage early. Invest it elsewhere and you’ll easily get an after tax return greater than your mortgage rate.
Pay off short term loans (usually around 10% interest rate) and credit cards (usually around 20%) first. Then see if you can get anything with a better after tax return than your mortgage.
Would you need to be wary of tax implications doing this?
Paying off your tracker early depends upon where you are in your life.
If you are happy where you are, and see yourself staying in this property for the forseeable future, you would be better off holding onto the tracker and looking for a better return on your funds elsewhere.
If however, you are looking to trade up. Paying off your mortgage (tracker or otherwise) early will save you a considerable amount in interest, but more importantly will improve your credit rating. In addition, you will find it easier to acquire a mortgage amount necessary to trade up.
what is the verdict on trading up from a 2 bed appt to a 3bed semi in Dublin at present?
Depends on location of both.
lets just say I d be looking to trade up location wise as well
Also, trading up i
3 bed semi is a good start. Ideally you want a 3 bed semi with the potential to extend, a decent garden with good schools nearby. These properties will maintain and increase in value going forward.
I think it is a good time to buy with the caveat that you are buying in the right/desirable areas. Yes there is a spike in the market for these properties but that is because there is a serious shortage of desirable stock.
As a faughs man, you will be familiar with the D6w area. Properties around Terenure tick a lot of boxes. These properties are going for a good chunk of change but are still ‘reasonable’ when compared to prices circa 2002-2007. There is little or no scope for future development in and around here. Thus people who have been waiting are now taking the plunge.
Anybody aware of any decent savings account rates/offers in the market at present? Help a brother out and spare me having to research options myself please.
If you can afford losing out on 3 days interest on your wedge, The Sunday Times finance section lists the top 5 financial products every week whether it be savings, credit cards, miortgages etc.
Thanks @Spidey[/USER] and [USER=686]@Kinvara’s Passion. It’s a source of some shame and embarrassment that my monitoring and organisation of my personal finances falls way below the kind of rigorous analysis and oversight that I carry out on my corporate clients. #finances
Don’t fret too much mate. Our family doctor smokes 20 a day.
It’s more investment but have a look at the degenerate gamblers thread.
I appreciate your practical support and comforting words, mate.
What percentage of your net income would you save per month lads?
+1
About 0 - 5 % depending on the month
Don’t be too grateful. You asked for people to do the research for you, all they’ve done is tell you how to do the research.
I have 30k saved up that I don’t have a notion what to do with it. No intention of spending it for ten years plus when I scrape together enough for a site. Made a huge €347 on deposit for the full year with AIB.