Only thing is we want to fix again because the SVR with BOI is too high
if we pay a lump sum of 20k we will save 29,668 euro and knock 3yrs 5 months off our mortgage.
Only thing is we want to fix again because the SVR with BOI is too high
So basically I've been gifted 20k from a relative who passed away. We are currently coming to the end of a fixed rate of 3.6% on our mortgage. We have 249k and 27 years left on mortgage so based on BOI overpayment calculator if we pay a lump sum of 20k we will save 29,668 euro and knock 3yrs 5 months off our mortgage.
We also need to upgrade our car and were looking at spending approx 15k on this. To get a 15k loan over 3 years would leave us paying interest of 1,560 euro.
So is it better to pay 20k off mortgage and get a car loan which is what we had intended to do anyway??
Apologies if this seems like a daft question.
Contractually it's only 10% of the monthly repayment, but capped at EUR 65.Does the Bank of Ireland not allow you to repay 10% of the capital each year on a fixed rate mortgage? So you could pay off up to €25k a year. I am not sure of this, so check it out first.
Contractually it's only 10% of the monthly repayment, but capped at EUR 65.
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