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Mortgage Advice Needed -

  • 17-04-2012 11:53am
    #1
    jonski
    Registered Users, Registered Users 2 Posts: 6,411 ✭✭✭


    Before I start let me just say that I know how lucky I am .

    My mortgage is nearly at an end with a little under three years left and about €7200 . Even though it is quiet small in comparison to most other people we are finding it harder and harder , due to circumstances , to meet this on a monthly basis . So I was wondering if there was any point in using what little bit of savings we have to try to pay it all off in one go . I asked about this in the bank this morning and they have set up a meeting with them for next Wednesday morning so I am looking for any advice before I go in there so I will have some idea of what to expect . I am not really under any illusions of the bank doing me favours or anything and tbh what little bit of savings we have left isn't going to come near to cover whats left on the mortgage , I am really just going ahead with it to see what would happen .

    So , anyone been down this road already ? any idea what the bank are going to be telling me ?


    John .


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    If your savings are not enough to clear the mortgage then I imagine their only suggestion is that you pay whatever you have off as a lump sum payment and reduce your monthly repayments accordingly. I presume you are on a variable rate and not a fixed as paying lump sum might trigger penalty if on fixed.

    Only other alternative is to extend your loan term and without seeing the exact figures will probably not save you a whole load and cost extra in interest.


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