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PTSB not allowing term reduction on mortgage

2»

Comments

  • #52
    Financesetc.
    Registered Users Posts: 50 ✭✭Financesetc.


    Sarn wrote: »
    As mentioned above, the main thing is that the overpayment is applied to the capital. There is little point in overpaying if they just set the money aside and only apply it at the end of the fixed term (apart from locking the money away).

    Do you have to tell them you want it to be paid off the capital.


  • #53
    Sarn
    Registered Users, Registered Users 2 Posts: 3,091 ✭✭✭Sarn


    Financesetc. wrote: »
    Do you have to tell them you want it to be paid off the capital.

    Probably best to double check.


  • #54
    AnRothar
    Registered Users, Registered Users 2 Posts: 599 ✭✭✭AnRothar


    Financesetc. wrote: »
    Was there an option to overpay once you sign the fixed rate. If i am months into my fixed can i start overpaying then or do you have to decide when signig the fixed rate.
    Also, does it say how many years your term will be reduced by over paying over the 5 years. Basically after the 5years over paying how many extra years will you have shaved off the mortgage term.
    Thanks
    We signed the fixed term contract and the overpayment at the same time.
    So I cannot comment as to what is permitted once the start date has passed.

    Regarding your second question we were late to the overpayment party so we are only saving around 18 months by my calculations.


  • #55
    Francie Barrett
    Registered Users, Registered Users 2 Posts: 16,776 ✭✭✭✭Francie Barrett


    Marcusm wrote: »
    It’s not but from the lender’s perspective it’s effectively a new application to be considered under CBI rules.
    This exactly.

    Overpayments will achieve the same thing as changing the term.


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