Mortgage Question

Galwayguy35

I took out a mortgage of 120 k over 35 years (banks decision not mine) about 5 years ago, I dont want to be a pensioner before I get it paid off but it suits me at the moment to keep the payments fairly low.

But as the years pass I would like to maybe take off between 5 to 8 years off the length of the mortgage and pay it off earlier.

I am on a tracker and was just wondering would this affect the terms of it if I was to do this?

Bank of Ireland: Linda

Hi Galwayguy35,

Since you are on a tracker it is quite flexible. You could overpay by as much or a little as you like and this automatically reduce the term of your mortgage. If you call 01 6113333, a representative can give you an indication of how much the overpayment will reduce your term by. You can request the overpayment by sending a written instruction to CRU, New Centry House, Mayor St Lower, IFSC, Dublin. 

I hope this helps.
Thanks
Linda

Galwayguy35

Bank of Ireland: Linda wrote: »

Hi Galwayguy35,

Since you are on a tracker it is quite flexible. You could overpay by as much or a little as you like and this automatically reduce the term of your mortgage. If you call 01 6113333, a representative can give you an indication of how much the overpayment will reduce your term by. You can request the overpayment by sending a written instruction to CRU, New Centry House, Mayor St Lower, IFSC, Dublin. 

I hope this helps.
Thanks
Linda

Thanks Linda