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paying extra off mortgage

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  • 09-05-2012 2:37pm
    #1
    kevin1973
    Closed Accounts Posts: 1 ✭


    hi i was thinking of paying an extra €80 a month off my mortgage which will bring it up to €1000 per mth.

    but having read on this that paying it bi-monthly will reduce principal and time quicker am not sure of what to do now.
    any ideas or if anyone knows of any other ways to reduce it.
    thanks


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    #2
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    You can pay extra AND pay it fortnightly if your lender will accomodate this. You can also ask your lender to index-link your monthly repayments by a fixed percentage - say 2% per year. At the end of the first year your repayment goes up to €1,020 and so on. Your lender must have the systems in place to accomodate this, though - not all do.

    Here's a link to a good mortgage calculator - you can work out the benefits of different types of overpayment yourself.


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