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paying extra off mortgage

kevin1973 · 2012-05-09 13:37:47

hi i was thinking of paying an extra €80 a month off my mortgage which will bring it up to €1000 per mth. but having read on this that paying it bi-monthly will reduce principal and time quicker am not sure of what to do now. any ideas or if anyone knows of any other ways to reduce it. thanks

09-05-2012 1:37pm

#1

kevin1973

Closed Accounts Posts: 1 ✭

Join Date: May 2012

Posts: 0

hi i was thinking of paying an extra €80 a month off my mortgage which will bring it up to €1000 per mth.

but having read on this that paying it bi-monthly will reduce principal and time quicker am not sure of what to do now.
any ideas or if anyone knows of any other ways to reduce it.
thanks

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Comments

#2 09-05-2012 1:45pm

Liam D Ferguson

Registered Users, Registered Users 2 Posts: 542 ✭✭✭

Join Date: September 2006

Posts: 532

You can pay extra AND pay it fortnightly if your lender will accomodate this. You can also ask your lender to index-link your monthly repayments by a fixed percentage - say 2% per year. At the end of the first year your repayment goes up to €1,020 and so on. Your lender must have the systems in place to accomodate this, though - not all do.

Here's a link to a good mortgage calculator - you can work out the benefits of different types of overpayment yourself.

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