Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

bi-weekly mortgages

Options
  • 02-06-2008 10:53pm
    #1
    elsimate
    Closed Accounts Posts: 25 ✭


    hi all

    I have heard a lot of talk about people kocking years off tehir mortage terms by paying every two weeks as opposed to every month - does anyone know if there are lenders i Ireland who operate this system? Even better - has anyone availed of this system and what were their experiences?

    Cheers:)


Comments

  • Options
    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    You can contact your mortgage provider and up the monthly payments to equal a bi-weekly payment.

    I set up an account to do such a thing. I transfer my normal mortgage money into it and the extra bits and then simple call them and get them to amend the DD to the amount in the account and they do this for one month and then revert back to the normal monthly amount. I do it this way as i never pay the same every month.

    I crunched some numbers and found that even an extra 200 p/m can save you 30-40k in interest alone.


  • Options
    #3
    elsimate
    Closed Accounts Posts: 25 ✭elsimate


    Cheers unclebill98.
    I know it seems obvious but it is daft what a difference paying a little extra per month makes. Since I posted this AIB called me to say they could do it but a mortgage advisor would need to call me back - haven't heard a word from them since. This just re-affirms my (dis) belief in AIB. I'll try what you have suggested below

    :)


  • Options
    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    I have to defend AIB's mortgage centre. There Fab..

    You should try get/have a UB Mortgage :D


  • Options
    #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    unclebill98 wrote: »
    I have to defend AIB's mortgage centre. There Fab..

    You should try get/have a UB Mortgage :D

    Now that's the stuff of nightmares!!

    Call into your local branch and ask to speak to someone there. If you cant, see if they have a central mortgage office, and give them a buzz. They should be able to send you out a form to change your direct debit.


Advertisement