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Weekly Mortgage payments

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  • 02-05-2013 3:45pm
    #1
    HeeBeeGeeBee
    Registered Users Posts: 82 ✭✭


    Hi guys,

    Im sure this has probably been answered here before so forgive me if Im repeating another thread. I was recently told by someone in work that they started paying their mortgage weekly a few years ago and made substantial savings over those years on interest. Im with KBC bank. Can anyone tell me if they've done this with this bank or any other for that matter and whether it made any noticeable difference year on year,

    Many thanks,

    HeeBeeGeeBee


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    #2
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,078 Mod ✭✭✭✭AlmightyCushion


    Someone did the maths (I think it was in the Irish Economy forum) a while ago and while it did result in savings it wasn't substantial. I think it was only about €5,000 over the life of the mortgage.


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    #3
    raglan
    Registered Users Posts: 89 ✭✭raglan


    hi,
    am with KBC too, I enquired about fortnightly payments instead of monthly and they do this, you have to set up a standing order.


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    #4
    HeeBeeGeeBee
    Registered Users Posts: 82 ✭✭HeeBeeGeeBee


    raglan wrote: »
    hi,
    am with KBC too, I enquired about fortnightly payments instead of monthly and they do this, you have to set up a standing order.

    Cool, have you made any enquiries regarding potential savings?


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    #5
    raglan
    Registered Users Posts: 89 ✭✭raglan


    no, I just queried it one day, didn't so anything about it yet.


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    #6
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    If you pay bi-monthly you will make significant savings as in effect it's paying an extra month every year and resuving the term. So if you pay 1000 every month on your mortgage that's 12000 over the year.
    If you pay 500 every 2 weeks that's 13000 that you're paying every year so you are overpaying by a grand. It's the same savings as paying 11 payments every year and 1 double payment.

    I think this was the link that almighty cushion was referring to:
    http://touch.boards.ie/thread/2056224551/4


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