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Accelerated Mortgage payments

jamesjoyce1710 · 2013-05-15 11:39:23

Hi guys, When you make an acceleration payment on mortgage does the amount you pay in all go against the principle or is it split between interest and principle like your normal montly repayment. Thanks

15-05-2013 11:39am

#1

jamesjoyce1710

Registered Users, Registered Users 2 Posts: 48 ✭

Join Date: October 2012

Posts: 42

Hi guys,

When you make an acceleration payment on mortgage does the amount you pay in all go against the principle or is it split between interest and principle like your normal montly repayment.

Thanks

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Comments

#2 15-05-2013 6:53pm

AlmightyCushion

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Yes, it will all come off the principle. Make sure to get the bank to keep your existing payments. Sometimes they reduce your payments in line with the amount extra you paid so that the term stays the same.

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#3 15-05-2013 8:12pm

NIMAN

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Its your choice (well it has been with the additional payments I have made to AIB).

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