fortnightly mortgage repayments

S

sherlock

Guest
Hi,

I recently heard that paying off your mortgage on a fortnightly rather than a monthly basis can significantly reduce your monthly mortgage interest repayments. Is this true?

If it's true, how do I go about initiating the change?

If my mortgage is €160k over 30years @ 4.1%, what possible savings could be made?

cheers
 
I knew someone who did this in Australia, and then managed to get a similar mortgage here with the Irish sister bank. Right in time too before they stopped offering it. You might not be able to do it by the terms of your fien print in the terms & condition.

Sure imagine paying weekly, I think its knock of thousands, not exactly the best one to calculate it for you but you are on the right track, except the bank may in fact be your final stumbleing bloc. Unless someone knows something to the contrary.

I don't think the banks have been too interested in saving you money but looks like the imminent property collapse might be changng their tune with a possible mortgage war in the death throws of this bubble to rescue this truly lost cause.

Time to get use to avg house prices between 100 & 150K
 
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