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Paying mortgage repayments

  • 04-04-2021 9:04pm
    #1
    Luke774
    Registered Users, Registered Users 2 Posts: 101 ✭✭


    Hi so I know what I need for a mortgage and what not to do or have in back account, regular savings each week/ Month and all that.

    After all that and you get a mortgage do they keep track of your repayments to your mortgage. Or once you are paying back the correct amount or more each month .
    Say I came into some money and decided to put extra money in every now and then , would they ask where that money came from ?


Comments

  • #2
    Q&A
    Registered Users, Registered Users 2 Posts: 571 ✭✭✭Q&A


    For anti money laundering rules you might get asked by a bank where the money came.

    As for a mortgage overpaying it's common. Once it's not sourced from illegal activities you shouldn't have anything to worry about. If you've fixed your mortgage any early repayment (in part or in full) may be subject to a break fee.

    If you can afford it and the rest of your finances (i.e., other debts and pension) are in order, you're better off clearing your debt as quickly as you can.


  • #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,605 Mod ✭✭✭✭Jim2007


    Luke774 wrote: »
    Hi so I know what I need for a mortgage and what not to do or have in back account, regular savings each week/ Month and all that.

    After all that and you get a mortgage do they keep track of your repayments to your mortgage. Or once you are paying back the correct amount or more each month .
    Say I came into some money and decided to put extra money in every now and then , would they ask where that money came from ?

    All money entering the banking system is subject to MLA review, it makes no difference what you intend the money for. And contrary to popular believe there is no magic number that will no at least be electronically checked.


  • #4
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    The lender who holds your mortgage won't care where the funds you used to make payments to them from a bank account come from (unless they are also your bank, of course). The bank account into which you lodged or transferred the money in order to make the extra payment on your mortgage will care, and might investigate if they have reason to be suspicious of the source of the funds, but as long as the source was legal and you can provide evidence of that if you're ever asked, it's very unlikely to be an issue.


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