Knocking years off your mortgage is not always the most efficient use of your spare cash
By shrinking mortgage debt, you’ll have more disposable income in the future. Photo: Getty
What would you do if you had a spare €10,000 lying around – thanks perhaps to a bonus at work, an inheritance, or from simply spending less than you earn each month? Would you splash out on a two-week family holiday to the Caribbean? Maybe upgrade the car?
For the more prudent amongst us, who dream of being mortgage- free sooner rather than later, wiping a chunk off their home loan would get first preference every time. And there are more of those people than you think.