I'm confused. I thought that if I have some extra money, I can ask to have it taken off the principle rather than the interest. But when I went into the bank they didn't understand and said I could either have the term reduced OR have lower repayments. It's a standard variable rate mortgage. In the end I said that I just want to pay an extra €200 per month for the time being but want the option to stop doing that in case I can't, for whatever reason. (I've read the Key Thread)
Really I don't want a mortgage of €1400 pm coming out of my pension, and neither do I want to spend my entire lump sum paying off a mortgage... it may not cover it anyway.
Is it no longer possible to pay off against the principle? Or am I misunderstanding the idea?
Really I don't want a mortgage of €1400 pm coming out of my pension, and neither do I want to spend my entire lump sum paying off a mortgage... it may not cover it anyway.
Is it no longer possible to pay off against the principle? Or am I misunderstanding the idea?
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