mortgage - what to do

Mary

started Jun 15, 2011 at 12:39

Dear sir/madam, I am enquirying what to do with my mortgage. we are 6 years into a 25 year mortgage and we had the first 4 yrs fixed and the last 2 were variable (thank god as they were lower and my husband was out of work). We have a balance on our main mortgage of 159k which is at a variable rate of 4.25 i think and is roughly €970 a month. We have two top up mortgages one for 10k which we have €8700 outstanding and thats fixed for 10 years at €63 a month and another top up of 20k balance outstanding of €17500 which is thankfully on a tracker and pay €110 a month. I am not worried about the 2 top ups. I am wondering what to do about the main mortgage with the increased chances of the variable rate going up. I know i could spare €100 extra a month and pay off more of the variable rate mortgage and try and bring it down faster or would i be better putting the €100 into a good savings plan and having it as a nest egg as we have about €1000 in savings only. Or would i be better approaching my bank and try and fixed my mortgage or part of it - but would this cost me more money and solicitors fees but may benefit me down the line. Being honest i'm not great on mortgatges and what to do , so any advice you can give me would be much much appreciated. Thanking you Mary