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Your personal finance questions – Should I use money my father left me to pay for my tracker?

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Q My father recently died and left me €80,000. Should I use this to pay off part of my tracker mortgage now that European Central Bank rates are starting to rise? I have a tracker rate from the ECB plus 0.5 percent. I’m in my late 50s with kids in college but no other debt. The mortgage is still €120,000.

A Paying off more expensive forms of credit is always the first option, according to Joey Sheahan, head of credit at online broker MyMortgages.ie and author of The Mortgage Coach. You don’t have any other debt, so paying off your mortgage is a good idea, he said. And it’s relatively easy to do – just contact your lender directly to arrange it.

https://www.independent.ie/business/personal-finance/your-personal-finance-questions-should-i-use-money-my-father-left-me-to-pay-off-my-tracker-41697122.html Your personal finance questions – Should I use money my father left me to pay for my tracker?

Fry Electronics Team

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