Hi all,
Just looking for some advice. I have a tracker mortgage with PTSB (I know, they hate me!) and I have been overpaying my mortgage for quite a while. I've built up €36k credit.
They have advised me that if I offset the credit against the remaining loan I can A) reduce my monthly payments (reducing by about 40%) or reduce my term (reducing by about 6 years)
I'm not really sure what the best option is.
Appreciate any advice.
Jane
Edit. Sorry I meant to say that I was leaning more towards reducing the amount (option A). Then I'd continue with my normal over payment and then the difference I'd have between the original payment versus the new reduced payment will leave me with more money that I would put into savings instead. Otherwise (if I choose the term reduction option) then I'd be paying the same amount as always and I'm not sure that's as beneficial as ploughing more money into my savings.
Just looking for some advice. I have a tracker mortgage with PTSB (I know, they hate me!) and I have been overpaying my mortgage for quite a while. I've built up €36k credit.
They have advised me that if I offset the credit against the remaining loan I can A) reduce my monthly payments (reducing by about 40%) or reduce my term (reducing by about 6 years)
I'm not really sure what the best option is.
Appreciate any advice.
Jane
Edit. Sorry I meant to say that I was leaning more towards reducing the amount (option A). Then I'd continue with my normal over payment and then the difference I'd have between the original payment versus the new reduced payment will leave me with more money that I would put into savings instead. Otherwise (if I choose the term reduction option) then I'd be paying the same amount as always and I'm not sure that's as beneficial as ploughing more money into my savings.