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Mortgage/loan

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  • 30-01-2012 10:50pm
    #1
    me4many
    Registered Users Posts: 266 ✭✭


    Whats the best way to go about this:

    Mortgage remaining €11700
    Interest rate variable. 5.19%
    Time remaining. 33 months
    Monthly repayment (tsb) € 384
    Mortgage protection. € 41.04

    Would like to pay off loan a little faster. Can give an extra €100/120 p/m
    By paying the extra how much money and time will be saved and what is the best way to apply it to the loan.
    Is there any way to get rid of the mortgage protection.

    Thanks in advance.


Comments

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    #2
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Definitely get rid of the 41.04 extra charge


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    #3
    Marcanthony
    Closed Accounts Posts: 450 ✭✭Marcanthony


    smcgiff wrote: »
    Definitely get rid of the 41.04 extra charge

    and pay it off the princible each mth and pay the additional 120 off the princible.It will cut you down to approx 20 mts.Taking of over a year of the mortgage.


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    #4
    me4many
    Registered Users Posts: 266 ✭✭me4many


    Would like to get rid of it ..but how?


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    #5
    themoneyguy
    Registered Users Posts: 75 ✭✭themoneyguy


    You can cancel life cover at any stage unless it is assigned to the bank which means they have to give their permission before you make any changes to the policy. Assignments are only usually looked for if the original loan is over a particular amount.

    Def lodge what you can off the loan as you prob wont earn 5.19% a year if you put it on deposit.

    As for cancelling your life cover.... if you die within the next 33 months (God forbid!) that 11K will have to come out of your estate.

    Hope this helps


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    #6
    me4many
    Registered Users Posts: 266 ✭✭me4many


    I think the cover will stay.
    Checked out the credit union. €11700 over 33 months - €406 p/m. Credit union built insurance into the repayment.
    What do you think of that or am I missing something.
    I know to borrow €11700 approx €3000 would be needed in shares.


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    #7
    jameshayes
    Registered Users Posts: 3,772 ✭✭✭jameshayes


    me4many wrote: »
    I think the cover will stay.
    Checked out the credit union. €11700 over 33 months - €406 p/m. Credit union built insurance into the repayment.
    What do you think of that or am I missing something.
    I know to borrow €11700 approx €3000 would be needed in shares.

    If i was in this situation I would put this amount on a credit card and pay back as much as I could each month - ending the loan as quickly as possible. I imagine the CU are charging 10%apr, a credit card is ~20% but if you get an offer of free balance transfers for 1 year you would break even but have the flexibilty to pay it back as quickly (or slowly) as you wish..


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    #8
    me4many
    Registered Users Posts: 266 ✭✭me4many


    This c.card idea looks interesting.
    To get this up and running whats the step by step procedure.
    Thanks


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    #9
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    me4many wrote: »
    This c.card idea looks interesting.
    To get this up and running whats the step by step procedure.
    Thanks

    It's very unlikely you'd get a cc limit to clear the loan.


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