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Lump Sum Mortgage

  • 05-04-2015 4:31pm
    #1
    thierry14
    Closed Accounts Posts: 1,480 ✭✭✭


    Hi.

    Does anyone know of a mortgage that you can lodge in lump sums without being charged.

    I am looking to buy a house for around 130k, I have about 100k in cash, so looking for a mortgage of about 40 - 50k.

    Without the outlay of rent and my current wage staying as it is I should be able to pay off the 50k mortgage in about 5 years.

    I am looking for a mortgage that will allow me to pay off quickly in lump sums, but still have monthly repayments over 30 years just incase I lose my job.

    Does such a product exist?

    I want to buy now, as I am in my current role 10 years, got married etc and plan on staying in the area for life.


Comments

  • #2
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    As long as you're on a variable rate, there shouldn't be charges for paying lump sums.


  • #3
    thierry14
    Closed Accounts Posts: 1,480 ✭✭✭thierry14


    Nervous Wreck wrote: »
    As long as you're on a variable rate, there shouldn't be charges for paying lump sums.

    Thanks didn't know that.


  • #4
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,009 ✭✭✭✭NIMAN


    Yeah any variable rate. I do it the odd time.

    You might also be able to do it on a fixed but would need to read the T&C carefully, or check with the bank.


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