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Mortgage Question

  • 23-09-2013 12:13pm
    #1
    Galwayguy35
    Registered Users, Registered Users 2 Posts: 16,904 ✭✭✭✭


    I took out a mortgage of 120 k over 35 years (banks decision not mine) about 5 years ago, I dont want to be a pensioner before I get it paid off but it suits me at the moment to keep the payments fairly low.

    But as the years pass I would like to maybe take off between 5 to 8 years off the length of the mortgage and pay it off earlier.

    I am on a tracker and was just wondering would this affect the terms of it if I was to do this?


Comments

  • #2
    Bank of Ireland: Linda
    Closed Accounts Posts: 719 ✭✭✭Bank of Ireland: Linda


    Hi Galwayguy35,

    Since you are on a tracker it is quite flexible. You could overpay by as much or a little as you like and this automatically reduce the term of your mortgage. If you call 01 6113333, a representative can give you an indication of how much the overpayment will reduce your term by. You can request the overpayment by sending a written instruction to CRU, New Centry House, Mayor St Lower, IFSC, Dublin. 

    I hope this helps.
    Thanks
    Linda


  • #3
    Galwayguy35
    Registered Users, Registered Users 2 Posts: 16,904 ✭✭✭✭Galwayguy35


    Bank of Ireland: Linda wrote: »
    Hi Galwayguy35,

    Since you are on a tracker it is quite flexible. You could overpay by as much or a little as you like and this automatically reduce the term of your mortgage. If you call 01 6113333, a representative can give you an indication of how much the overpayment will reduce your term by. You can request the overpayment by sending a written instruction to CRU, New Centry House, Mayor St Lower, IFSC, Dublin. 

    I hope this helps.
    Thanks
    Linda
    Thanks Linda


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