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

Accelerated Mortgage payments

jamesjoyce1710 · 2013-05-15 11:39:23

Hi guys, When you make an acceleration payment on mortgage does the amount you pay in all go against the principle or is it split between interest and principle like your normal montly repayment. Thanks

Options

15-05-2013 12:39pm

#1

jamesjoyce1710

Registered Users Posts: 48 ✭

Join Date: October 2012

Posts: 42

Hi guys,

When you make an acceleration payment on mortgage does the amount you pay in all go against the principle or is it split between interest and principle like your normal montly repayment.

Thanks

0

Comments

Options
#2 15-05-2013 7:53pm
AlmightyCushion

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

Join Date: April 2006

Posts: 33519

Yes, it will all come off the principle. Make sure to get the bank to keep your existing payments. Sometimes they reduce your payments in line with the amount extra you paid so that the term stays the same.

0
Options
#3 15-05-2013 9:12pm
NIMAN

Registered Users Posts: 33,598 ✭✭✭✭

Join Date: September 2005

Posts: 32664

Its your choice (well it has been with the additional payments I have made to AIB).

0