I'm getting so frustrated with my mortgage provider. Situation is this:
Our PPR has an outstanding balance of €270K, term to repay is 21yrs approx.
We wish to pay €125k off the amount outstanding as we have just come to the end of our fixed term. We also want to reduce the term from 21yrs to 15yrs. We have asked our provider, EBS, multiple times to confirm to us what this will mean in monthly repayments going forward. They have bounced us from Head Office to Local Branch multiple times and we still don't have any answers. We have done the figures ourselves so have a good idea but wanted something in writing prior to paying off such a large amount.
The EBS keep telling us this is not possible as we can only pay down the lump sum and reduce the monthly repayment amount or else reduce the years and keep the same level of monthly repayments but not both. I could understand this to be the case if we were looking to reduce the terms to 10 yrs but not 15yrs. Surely by reducing the amount owed and the years from 21 to 15 the monthly repayments will reduce automatically or am I missing something?
Any advice greatly appreciated.
Our PPR has an outstanding balance of €270K, term to repay is 21yrs approx.
We wish to pay €125k off the amount outstanding as we have just come to the end of our fixed term. We also want to reduce the term from 21yrs to 15yrs. We have asked our provider, EBS, multiple times to confirm to us what this will mean in monthly repayments going forward. They have bounced us from Head Office to Local Branch multiple times and we still don't have any answers. We have done the figures ourselves so have a good idea but wanted something in writing prior to paying off such a large amount.
The EBS keep telling us this is not possible as we can only pay down the lump sum and reduce the monthly repayment amount or else reduce the years and keep the same level of monthly repayments but not both. I could understand this to be the case if we were looking to reduce the terms to 10 yrs but not 15yrs. Surely by reducing the amount owed and the years from 21 to 15 the monthly repayments will reduce automatically or am I missing something?
Any advice greatly appreciated.