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Clearing part of Mortgage that's at higher rate

  • 19-04-2021 4:49pm
    #1
    Xander10
    Registered Users, Registered Users 2 Posts: 5,310 ✭✭✭


    My Mortgage is mainly at a tracker rate below 1%. At some stage I topped up the mortgage and that part attracts a 4.3% rate of interest.

    What I am wondering is, if say I have €100,000 at the tracker rate and €20,000 at 4.3% and I have €20,000 I can pay off as a lump sum, can I request the lump sum payment to be offset against the loan part at 4.3% or will it be applied on a pro rata basis?


Comments

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


    You should be able to specify. There's likely a different account/facility number associated with each. Your provider can provide the specifics on how to do it


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Yes you can pay off the full 20k at 4.30% once it's a variable rate, if it's fixed you may have a penalty to pay. Just contact your lender and quote your reference number for the top up only and ask for a redemption figure.


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