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How to increase mortgage payments ?

  • 01-11-2014 10:46pm
    #1
    Rebel1977
    Registered Users, Registered Users 2 Posts: 802 ✭✭✭


    How do I go about increasing my current mortgage direct debit payment ?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    You'll have to ask your mortgage lender to do it, each DD is initiated by them so you can't change the amount. Basically with a DD your bank pays out whatever the other guy asks for. This applies whether your current a/c is with the lender or if it's a different institution, it's the people who loaned you the money you have to ask.

    If the mortgage is at a variable rate there shouldn't be a problem.


  • #3
    tenifan
    Closed Accounts Posts: 523 ✭✭✭tenifan


    Rebel1977 wrote: »
    How do I go about increasing my current mortgage direct debit payment ?

    If you wish to overpay regularly, ask your bank to increase your payment. The instruction will need to be in writing. Your bank may have a form for this request.

    Alternatively, most banks will allow you to make one-off lumpsum payments. You can usually do this by setting up your mortgage as a payee in your internet banking, and then "paying" the mortgage account from your current account.


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