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Overpayment on Mortgage

  • 01-07-2012 8:34pm
    #1
    Muppet Man
    Registered Users, Registered Users 2 Posts: 1,674 ✭✭✭


    Background - an ICS Tracker Mortgage with About 15 years left on it.

    If someone was in a position to overpay this mortgage by say 200 euro/month, would he be in any position to haggle for better rates (or SOME other incentive?) with the lender? It just strikes me that the lender would be anxious to get more money every month when the theory is that all tracker mortgages are losing money for the lenders....

    Thoughts anyone?

    Thanks,
    Muppet Man


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Not nessecarily, but paying more would reduce the interest paid in the longer term, so you would still be getting a better deal out of it.


  • #3
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    No, unless you have a lump sum to pay they are not interested in negotiating. Depending on your tracker rate you might be better off puttin the200 in a high deposit account instead.


  • #4
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,678 ✭✭✭✭NIMAN


    There are no high interest accounts these days.

    Sometime paying money off your mortgage makes you feel better.


  • #5
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    NIMAN wrote: »
    There are no high interest accounts these days.

    Sometime paying money off your mortgage makes you feel better.
    Of course there are. PTSB, EBs to name 2 offering around 4% whereas the tracker could be closer to 2%.


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