First we had Kate and Mick and now we meet Máire, those AIB customers who have just paid off their mortgages.

The ads are clever. The characters feel real. We know people like them.

In fact, we might be paying off our last mortgage instalment any time now. That freedom they’re talking about could be just around the corner for you too.

What I really want to know about Kate, Mick and Máire is what they are going to do with the new found savings?

I just hope they haven’t fallen victim to Stockholm Syndrome during their 25 years of captivity, (because a mortgage can feel like entrapment).

They may well have formed an attachment to their captors during that time they were thrown together. Their captors know this and will try to keep their arms around those people.

They will offer cosy chats where they talk about savings and investment plans to keep that money coming in.

It can be hard to know what to do when you suddenly have a choice after decades of having none.

I really hope that Kate and Mick and Máire know that they can do whatever they want with the extra money.

Making sure they have enough money in retirement, right-sizing, helping their children or grandchildren, or investing for all of the above would be what I would be suggesting to them.

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This is an exciting time for them. 25 years ago they hatched a plan to own their own home. They have achieved something they should celebrate.

I’m sure, however, that they would hate to think that they would just fritter away the money they no longer have to pay into a mortgage every month.

That’s why the last day of the mortgage is only the beginning of the next plan.

Get in touch.

PS. Pick up today’s Sunday Independent. I answer four readers questions in the Money section.

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