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Changing mortgage from monthly payment to weekly.

  • 03-10-2012 12:38pm
    #1
    E. Fudd
    Registered Users, Registered Users 2 Posts: 625 ✭✭✭


    Is the above possible? If so how do I go about it?


Comments

  • #2
    Bank of Ireland: Laura
    Closed Accounts Posts: 414 ✭✭Bank of Ireland: Laura


    Hi E. Fudd.

    It is possible to pay your mortgage on a weekly basis.

    To amend the repayment frequency on your account, please send the request in writing to Bank of Ireland Mortgages, New Century House, Mayor Street Lower, IFSC, Dublin 1.

    Thanks for your query.
    Laura


  • #3
    the culture of deference
    Banned (with Prison Access) Posts: 2,196 ✭✭✭the culture of deference


    Bank of Ireland: Laura wrote: »
    Hi E. Fudd.

    It is possible to pay your mortgage on a weekly basis.

    To amend the repayment frequency on your account, please send the request in writing to Bank of Ireland Mortgages, New Century House, Mayor Street Lower, IFSC, Dublin 1.

    Thanks for your query.
    Laura

    Does it make a difference


  • #4
    maddragon
    Registered Users, Registered Users 2 Posts: 590 ✭✭✭maddragon


    Bank charges will go up due to more direct debits but total interest repaid should go down


  • #5
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi the culture of deference,

    If you call our Customer Relationship Unit, on 01 611 33 33, a representative will be happy to look into what affect this would have on your mortgage.

    Thanks,
    Tara


  • #6
    Yakuza
    Registered Users, Registered Users 2 Posts: 5,141 ✭✭✭Yakuza


    the culture of deference wrote: »
    Does it make a difference
    It only makes a substantial difference if you end up paying more per annum than you are currently paying monthly.

    For example, if you're paying €780 a month, changing it to €180 ( €780*12/52 ) weekly, you won't reduce the term or total interest paid by a significant amount, which may (as has been pointed out here) be outweighed by increased bank charges due to additional dd's coming from the account.

    The only way to make a dent in your mortgage (in terms of reducing the interest paid and the term) is to overpay, which you could do just as easily monthly or on an ad-hoc basis. Changing the frequency (and the amount on a pro-rata basis) won't amount to a hill of beans.


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