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

Q My father died recently and left me €80,000. Should I use this to pay off some of my tracker mortgage now that European Central Bank rates are due to start rising? I am on a tracker rate of ECB plus 0.5pc. I am in my late 50s, and have children in college, but no other debts. There is €120,000 left on the mortgage.

A Paying down more expensive forms of credit is always the first option, according to Joey Sheahan, head of credit at online brokers and Author of The Mortgage Coach. You don’t have any other debts, so paying down your mortgage is a good idea, he said. And it is relatively straightforward to do so – just contact your lender directly to arrange.

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