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Your personal finance questions – Should I pay a lump sum off my ever-rising tracker mortgage?

Q I have a tracker mortgage with Bank of Ireland โ€“ 12 years remaining โ€“ with the rate steadily increasing. It is set at the European Central Bank (ECB) base rate plus 0.95 percentage points. I have a deposit account with BOI, paying 0.55pc AER. The amount on deposit is โ‚ฌ25,000. I do not have an immediate need for this money. Would it be a good idea to use this to reduce my mortgage? My aim would be to reduce the number of years left on the mortgage. ECB rate rises are not being matched by ...
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