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Lump sum payment off Mortgage - good idea???

  • 11-05-2011 8:07pm
    #1
    safetymanager
    Registered Users, Registered Users 2 Posts: 74 ✭✭


    I am thinking of paying a fairly substantial lump sum off my mortgage with INBS. Does anyone know if it's possible to get any extra benefits from doing this besides having lower repayments. I doubt if many people are offering to pay huge lump sums off their mortgage in the current climate and I'm wondering if the bank would offer any special incentives to encourage me to do this.

    On the other hand, am I just being naive ????


Comments

  • #2
    JuliusCaesar
    Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭JuliusCaesar


    A shorter term?

    What kind of thing did you have in mind?


  • #3
    Teyla Emmagan
    Registered Users, Registered Users 2 Posts: 5,641 ✭✭✭Teyla Emmagan


    Depend on whether you have a tracker or not. If you do, you'd make more money investing your lump sum in the long run than you would save in taking it off the mortgage. If not, go for it (as long as no penalties would apply).


  • #4
    safetymanager
    Registered Users, Registered Users 2 Posts: 74 ✭✭safetymanager


    I'm not sure what I have in mind but I do wonder if they offer incentives to get people like me to part with our money. I don't have a tracker, pity !


  • #5
    trek04
    Closed Accounts Posts: 15 ✭trek04


    With the lump sum method you are trading lower interest costs overall to a margin of safety. I think this cost is worth it during these scary economic times. At the end of the day you are paying off the mortgage a lot faster than your normally would.


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