Paying off a mortgage early is always a juggling act. As the largest financial commitment most people undertake, mortgage payments are a regular concern for readers. The attraction of paying off your loan and finally owning your home outright is easy to understand.

But, on the other hand, mortgage debt remains the cheapest money you will borrow, even if it remains considerably more expensive to borrow for a property here than in the rest of the euro zone.

You are currently paying 3 per cent on your mortgage and fixed rates are now even lower than that – as low as 2.25 per cent over five years.

The cheapest personal term loan available, according to price comparison website, bonkers.ie, depending on the sum borrowed, is around 5.9 per cent from An Post. Among the big five banks, rates seems to vary from 6.3 per cent to 8.95 per cent – that’s between twice and three times what you are now paying.

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https://www.irishtimes.com/business/personal-finance/paying-off-your-mortgage-in-full-not-always-the-best-plan-1.4279432