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mortgage advice

  • 20-10-2009 1:18pm
    #1
    poindexter
    Closed Accounts Posts: 675 ✭✭✭


    • my mortgage payments each month are lets say €1000.
    • i make payments of €260 pw, ensuring that at the end of the month there is always a little extra, some months with 5 weeks theres a nice wee extra amount.

    someone was telling me the other day that if i contact the bank every month, maybe every 2 month and say to them to take the remaining/extra money (sorry, i don't know what it would be better known as) and tell them i want it put on to the loan, then my mortgage will come down by more and quicker.
    i didn't know i could do this, i thought that i had to stick to the set amount and thats it as thats what i signed up to.

    so if i call my bank now, what are the words i need, and how best do i say what i want, so as not to confuzzle myself????

    this might seem straight forward to everyone in the know, i just need advice for the learned ;)


    thank you


Comments

  • #2
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    Whoever said this to you gave you good advice.

    Just ensure when you contact your lender that you explain you want this excess amount taken off the loan amount; this should be done as a matter of course, but clarify to them to be sure.

    If you can afford to put any more aside each month you will really notice a difference and reduce the term of your loan as well as the amount of interest you will eventually hand over.

    Good luck!


  • #3
    poindexter
    Closed Accounts Posts: 675 ✭✭✭poindexter


    kaiser sauze wrote: »
    Whoever said this to you gave you good advice.

    Just ensure when you contact your lender that you explain you want this excess amount taken off the loan amount; this should be done as a matter of course, but clarify to them to be sure.

    If you can afford to put any more aside each month you will really notice a difference and reduce the term of your loan as well as the amount of interest you will eventually hand over.

    Good luck!
    so it's ok to do this, i'm not signed into something and all that is accepted is the standard mortgage payment every month??


    thanks very much, i must remember that-excess amount off the loan amount.


    thank you


  • #4
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    poindexter wrote: »
    so it's ok to do this, i'm not signed into something and all that is accepted is the standard mortgage payment every month??

    Exactly.


    If you want to iron-clad your right to lower your repayments to the amount they have most recently specified to you, state it in writing that you reserve the right to change the amount you are paying, within the bounds of the contract.

    However, this would not really be necessary.


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