Paying Off Mortgage

C

Ciadan

Registered User
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We have a fixed rate mortgage with ICS. Can anyone advise if it's possible to pay extra each month into a fixed rate mortgage? We've only 6 years left but would like to clear it before then (especially with the SSIA now finished and extra cash each month).
 
I am nearly 100%positive that if you have a fixed rate that you cannot do it or if so you will be charged a penalty as in a couple of grand..will try and find out more for you as my sis use to look after mortgages.
 
Yes - most fixed rate mortgages will charge penalties if you attempt to make accelerated repayments of otherwise break the fixed rate agreement.
 
ICS will allow you to overpay a fixed rate mortgage without charging you a penalty. It's either 10% a year or 10% over the fixed term - check with them for the details.

Sarah

www.rea.ie
 
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