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Mortgage advice

  • 25-04-2018 09:17PM
    #1
    1983ish
    Registered Users, Registered Users 2 Posts: 48 ✭


    Our current fixed rate (3.85) is finishing next month. We are being offered 2.6% fixed for 4 years. Payments were 920 will be 790 with 28 years left.
    We’d be comfortable paying up to 1000/month.
    How long would this bring the term down?
    Is there any advantage to upping the payments?
    Going in next week for “a chat”
    TIA


Comments

  • #2
    lotsoftens
    Registered Users, Registered Users 2 Posts: 56 ✭✭lotsoftens


    Looks like you're with ulster based on that rate/term offer...they have an overpayment calculator on their site:

    https://digital.ulsterbank.ie/personal/mortgages/secure/mortgage-overpayment-tool.html

    Should tell you how much the term would come down with any overpayment although it will assume the rate you put in (i.e. the 2.6%) will stay the same over the course of the rest of the mortgage which is unlikely but at least you'll get some idea of potential interest savings.


  • #3
    1983ish
    Registered Users, Registered Users 2 Posts: 48 ✭1983ish


    Thanks
    That’s exactly what I was looking for.
    Quick search shows over paying by 120/m shortens it by 5 years, 150/m by 6


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