View Poll Results: Do you overpay your mortgage?
Yes! Pay everything I can off it 96 24.37%
I overpay a small bit. 102 25.89%
No. I'd rather the money in my pocket. 117 29.70%
Don't have a mortgage. 79 20.05%
Voters: 394. You may not vote on this poll

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30-04-2021, 13:11   #46
blue note
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We do at the moment because we're in a position where we can without changing our lives in any way. We pay an extra 10% per month. Our mortgage is from 2018, so I'd call it a very high mortgage!

If we keep the same repayments, at our current interest rate we should be down to less than 10 grand interest being charged per year in 2025. And we should have her paid off in 2044.

I'm an accountant. I know that a mortgage is the cheapest money you'll ever get. I know that putting it into a pension is probably the sensible financial decision. However, the idea of clearing your mortgage early is nice. Being mortgage free in my 50s would be great.
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30-04-2021, 13:15   #47
jrosen
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We overpay a little bit. I guess by the time we pay the mortgage, all the other monthly costs, put money aside for anything annual like car service/ insurance /tax/back to school/christmas/birthdays , then save for the kids college, general rainy day savings/holidays and living expenses there isn't a much left to over pay the mortgage and with rates so low it seems pretty pointless to take from any of the other places.
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30-04-2021, 13:25   #48
Tipperary animal lover
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We overpaid for years and finished the last payment two months ago, great to have that monkey off our back and still be in our late 40s to enjoy a decent quality of life.
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30-04-2021, 14:25   #49
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Quote:
Originally Posted by TomSweeney View Post
Jaysus, I wish I could , to those sneering at the ones paying the minimum - not everyone is lucky enough to be on such massive salaries to overpay ...
Nobody is sneering at anyone in here what are you taking about. People who have the means to overpay are simply giving their opinion about whether its good or bad.
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30-04-2021, 14:28   #50
Paul_Mc1988
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Originally Posted by jj880 View Post
I find it hard to believe a bank would allow overpayment of principal only. What does a bank get from offering that?

The only person I know of who tried this with AIB was laughed out of the place and told they could shorten the mortgage term but any overpayment would go towards principal + interest. She went ahead and paid up 24 months of payments but took that period as a break from making any payments.

I realise she could be spoofing. She has been known to cry poor.
You find something hard to believe even though a simple Google search tells you it's true. Used the Internet before?

Ulster Bank allow a 10% of your outstanding balance per year..... have 300k left on your mortgage and you can over pay by 30k

KBC allow the same

BOI fine you a very small amount
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30-04-2021, 14:36   #51
Paul_Mc1988
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Originally Posted by McGinniesta View Post
Mortgages are for suckers.

Cash customers only.
You're not wrong there. The amount of interest I pay over the lifetime of my mortgage (150k) makes me feel like a sucker sometimes
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30-04-2021, 14:41   #52
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I have a slightly different take on this.
I do have a rainy day fund that I could use to clear most/all of my mortgage.
However, I choose to continue to pay my low interest, manageable monthly amount as I see it is a form of savings.

If I cleared my mortgage and had more available cash at the end of the month, I would probably only start to spend more.
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30-04-2021, 14:41   #53
Paul_Mc1988
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Another point I find frustrating is that people say a mortgage is the cheapest money you can get.

The money you save is the cheapest money you can get. Bar a mortgage which is a nessisary evil, taking a loan for anything else (holiday/car) is a mugs game. Buy the things you can afford and in the end you'll be much better off financially.
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30-04-2021, 14:42   #54
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Quote:
Originally Posted by BraveDonut View Post
I have a slightly different take on this.
I do have a rainy day fund that I could use to clear most/all of my mortgage.
However, I choose to continue to pay my low interest, manageable monthly amount as I see it is a form of savings.

If I cleared my mortgage and had more available cash at the end of the month, I would probably only start to spend more.
That's an enviable position, fair play! I hope you have the money invested rather than sitting in an account.
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30-04-2021, 14:44   #55
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On a tracker with a company that won't accept overpayments. I can write a cheque and send it in annually but can never seem to manage it with kids, bills, etc.
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30-04-2021, 14:44   #56
Paul_Mc1988
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Quote:
Originally Posted by BraveDonut View Post
I have a slightly different take on this.
I do have a rainy day fund that I could use to clear most/all of my mortgage.
However, I choose to continue to pay my low interest, manageable monthly amount as I see it is a form of savings.

If I cleared my mortgage and had more available cash at the end of the month, I would probably only start to spend more.
But in the end you have less money and give money to a bank for no reason.
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30-04-2021, 14:45   #57
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Bought an old house so everything's going toward renovating at the moment, definitely would be looking to overpay once that's out of the way.
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30-04-2021, 14:46   #58
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I'm still quite early into my mortgage but after a few years I'll definitely start overpaying. The quicker I can pay it off the better.
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30-04-2021, 14:53   #59
Kerry25x
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I feel that the impact mortgage repayments make on your finances is a factor.

Could clear our mortgage in about 4 years (22 years early) if we overpaid by 2000 a month which is a less than what we put in to savings at the moment.

But our mortgage repayments are so low, about 6.5% of our take home income, that its pretty painless and having it cleared would honestly make very little difference to our quality of life.
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30-04-2021, 14:55   #60
jimmytwotimes 2013
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Does you does or does you don't take Access?
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