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20 v 30 Year Mortgage?

  • 10-01-2018 10:27am
    #1
    Shefwedfan
    Closed Accounts Posts: 18,958 ✭✭✭✭


    I took out mortgage 18 months ago, at the time I was selling and buying. It took ages to sort out the buy/sell so when I was going for mortgage I was offered over 30 years. I didn’t fight it myself, just said I didn’t care as I would over pay it anyway.

    First few months I didn’t over pay as i needed to do up house, every since then I have over payed above what the 20 year repayment would be. Now I need to renew the overpayment, I am going to increase it. I am just wondering should I renegotiate the mortgage itself to 20 years? I have it with KBC at 3% rate which when taking it out was best in market. I know now I could switch to BOI or someone else and get similar.

    My main questions is am I at a disadvantage because my mortgage is over 30 years and not 20 years?


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    As long as your accelerated payments are being credited against the capital I'm not sure what difference it'd make.


  • #3
    Squall Leonhart
    Closed Accounts Posts: 1,794 ✭✭✭Squall Leonhart


    I'd keep the 30 year you've got and over pay as you have been doing, you'll be at no loss. Plus, should unforeseen circumstances hit you down the road you can revert back to meeting the monthly required payment at 30 years. Something of a safety net.


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