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i was wondering would it be wise to pay your ssia money into your mortgage?, does anyone have any opinions on this please.
J... said:Can I also include a question that is related to this topic?
As people will not be paying in to the SSAI once it matures would it be a good idea to start overpaying the mortgage by the SSAI amount (€254 per month) used to not having it so shouldn't be a problem?
WaterSprite said:Other people have mentioned this fact, but be absolutely sure that you put all correspondence in writing about making deposits/capital payments against your mortgage, stating clearly (i) if you want to make a deposit against insterest or you want to capitalise your payment and (ii) if you want to reduce your monthly repayments or reduce your mortgage term.
I have made both "deposit" payments and payments against capital and my mortgage provider (First Active) has consistently made mistakes in carrying out my clearly stated wishes. Out of a period of probably 18 months during which I have made about 6 "out of the ordinary" extra mortgage payments, they have mucked up each and every time.
(fyi, their "muck-ups" included capitalising an amount when I expressly told them not to, then uncapitalising it when I found out the mistake and then *recapitalising* of their own accord for no particular reason - all leading to them telling me that I didn't have enough funds in my account when I asked for a withdrawal to pay my tax bill (or, should I say, them not sending me the cheque, but not actually telling me that they weren't going to send me a cheque until I rang them directly) - all of *that* leading to them finally admitting that I did in fact have the funds but then sending my significant cheque by courier to the *wrong* address (again, not telling me that they were sending the chqeue at all and not telling me that someone else (i.e. not me) had signed for it (even though they were aware of this fact). I have never gotten any explanation of what the affect all of this capitalising/uncapitalising/recapitalising/uncapitalising had on my mortgage interest calculations - you need to be able to trust that your mortgage provider is charging you the right amount.)
This may be particular to First Active Customer Service, but I would definitely advise putting any correspondence in writing and making it so clear that there is no room for misunderstanding.
p.s. I am changing mortgage provider once my fixed rate mortgage expires in March!