advice pls
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You can choose to reduce the monthly payment or the term and you will also be credited for any interest overcharged in the time between your overpayment & the changes being executed.
In my opinion reducing the repayment amount is the most prudent option as it reduces your mandatory minimum payment amount which can be useful to use your cashflow elsewhere when required. It is really simple to make the additional payments online so wouldn't be a big deal to do it regularly if you wanted.
Absolutely. This is risk free 6-7% return that is not available anywhere else. As someone quoted in a similar post to me last night - the German Bond rate which is 'deemed' risk free is currently paying -0.8% !!Overpayment can make a lot of sense, at current rates you would need to make 6.6% or more elsewhere taking account of DIRT to match the mortgage rate - which is risk free of course.
Does EBS still provide this over payment option.
Effectively an offset account - where the overpayment is redrawable but while set against the principal it reduces your interest payments?
There was a KBC option like this previously but that has been withdrawn so surprised to see EBS providing something similiar
I wouldn't advise making any overpayments that you might potentially need to redraw without written confirmation from EBS that it will be allowed.
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