Hi all,
I have a mortgage with EBS at 3.7% variable (I know, I should switch, but I can't at the minute!)
My question is if I make an over-payment to my mortgage account (keeping the figures simple say the over-payment is 100,000 Euro, do I save 3,700 in interest on an annual basis?
As the monthly payment is the same, I assume the interest principal switch improves by 1/12 of the interest saving per year, say about 308 euro per month? so if my payment was 1000 and 500 was principal say with 500 interest, then I'd move to 806 principal with 194 interest?
Grateful for all comments on this - I know you can get your money back as it it lodged as a credit in the mortgage account ( you apply in writing - both names needed if it's a joint account).
Many thanks,
Opus2018
I have a mortgage with EBS at 3.7% variable (I know, I should switch, but I can't at the minute!)
My question is if I make an over-payment to my mortgage account (keeping the figures simple say the over-payment is 100,000 Euro, do I save 3,700 in interest on an annual basis?
As the monthly payment is the same, I assume the interest principal switch improves by 1/12 of the interest saving per year, say about 308 euro per month? so if my payment was 1000 and 500 was principal say with 500 interest, then I'd move to 806 principal with 194 interest?
Grateful for all comments on this - I know you can get your money back as it it lodged as a credit in the mortgage account ( you apply in writing - both names needed if it's a joint account).
Many thanks,
Opus2018