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Changing mortgage length by increasing monthly payments

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  • 31-03-2022 2:33pm
    #1
    Supercell
    Registered Users Posts: 15,373 ✭✭✭✭


    Hi,

    I would like to increase the amount I am paying on my mortgage and am currently in a 5 year fixed 3% rate to lower the length of my mortgage.

    I was talking to a lady last week on the phone who suggested I break my fixed rate term (cost zero currently ) and go to variable briefly and up the amount i am paying on that then go back to fixed on the new monthly amount.

    She sent me paperwork to do this which arrived this morning however she also suggested lowering the length of my mortgage as well officially but nothing in the paperwork about that. I've tried calling several times today and with well over an hour waiting on the phone trying to get through so I'm hoping you can give me an answer here instead?

    Can send in the "drop to variable rate" paperwork as is and also include a letter asking to reduce the outstanding term to match the new variable payments, and then followup in a couple of weeks once that done to go back on fixed (at the new amount).

    What order would you suggest i do this, can i do all three steps at once?

    1) Drop from fixed to variable

    2) Request new term with higher monthly payments

    3) Re-fix - at the new monthly rate

    Thanks.

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Comments

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    #2
    Bank of Ireland: Eve
    Closed Accounts Posts: 309 ✭✭Bank of Ireland: Eve


    Hi there, thanks for reaching out to us here on Boards.ie.

    For the best advice and guidance on your queries in relation to your mortgage it would be best to discuss this further with one of our mortgage advisors.

    You can certainly contact our mortgage team on 016113333 and one of my colleagues would be happy to discuss this with you further.

    Thanks, Eve



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