T
tealover
Guest
Currently myself and OH have a 2 yr fixed rate mortgage at 6% which will be reverting to a tracker ecb+1.15% next month. Happy days. This will decrease our repayments by about 350-450 a month depending on TRS. Our mortgage is over 35 years which puts my OH at 70 years at end of mortgage. We are now in the fortunate position of being able to overpay the mortgage by 100 pm .
Will this affect the terms and conditions of a tracker?
How do we do this? Pay the money into the account or save it separately? Can you choose to pay it off the capital or does it have to be off the interest? How can I calculate how many years this will take off the life of the mortgage?
Thanks in advance for any advice.
Will this affect the terms and conditions of a tracker?
How do we do this? Pay the money into the account or save it separately? Can you choose to pay it off the capital or does it have to be off the interest? How can I calculate how many years this will take off the life of the mortgage?
Thanks in advance for any advice.