Nowronganswer
Registered User
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Hi sorry i have posted this in another post, first time using this site so apology's.
Hi
Can anyone tell me what is best.
I am with ptsb i have a 3 yr fixed and want to overpay.
Is it best to reduce term or reduce monthly amount?
With ptsb its sits as credit on the account until I instruct them that I either was to reduce term or reduce monthly repayment amount.
If I am overpaying by 300 euro per month for 3 years and then switch lenders after the 3 years what happens to the overpayed money?.
If I had elected to reduce the term then does that reduce term carryover to the new lender?
If I had elected to reduce my monthly repayments then what happens when i switch to the new lender?
So if i overpay for 3 years and then switch after the 3 years where does the money go.
My mind is boggled from this.
PLEASE HELP!!!
ME: 35
Spouse’s/Partner's age:30
Annual gross income from employment or profession:58K
Annual gross income of spouse: 32K
Monthly take-home pay: 5,400 after tax
Type of employment: e.g. Medical Devices
Spouse: HSE
In general are you:
(a) spending more than you earn, or
(b) saving?
Answer: b.SAVING
Rough estimate of value of home: 330K
Amount outstanding on your mortgage: 285k
What interest rate are you paying? 2.95%
Repayment 1,194
30 year term
2 months into mortgage.
Other borrowings – car loans/personal loans etc : None
Do you pay off your full credit card balance each month? Don't have one
If not, what is the balance on your credit card?
Savings and investments: 15K savings
We will appreciate any advise. Thank you
Do you have a pension scheme? YES 4 % of pay and employer matches.
Do you own any investment or other property? No
Ages of children: No children.
Life insurance: no MPI 44 per month dual life.
Hi
Can anyone tell me what is best.
I am with ptsb i have a 3 yr fixed and want to overpay.
Is it best to reduce term or reduce monthly amount?
With ptsb its sits as credit on the account until I instruct them that I either was to reduce term or reduce monthly repayment amount.
If I am overpaying by 300 euro per month for 3 years and then switch lenders after the 3 years what happens to the overpayed money?.
If I had elected to reduce the term then does that reduce term carryover to the new lender?
If I had elected to reduce my monthly repayments then what happens when i switch to the new lender?
So if i overpay for 3 years and then switch after the 3 years where does the money go.
My mind is boggled from this.
PLEASE HELP!!!
ME: 35
Spouse’s/Partner's age:30
Annual gross income from employment or profession:58K
Annual gross income of spouse: 32K
Monthly take-home pay: 5,400 after tax
Type of employment: e.g. Medical Devices
Spouse: HSE
In general are you:
(a) spending more than you earn, or
(b) saving?
Answer: b.SAVING
Rough estimate of value of home: 330K
Amount outstanding on your mortgage: 285k
What interest rate are you paying? 2.95%
Repayment 1,194
30 year term
2 months into mortgage.
Other borrowings – car loans/personal loans etc : None
Do you pay off your full credit card balance each month? Don't have one
If not, what is the balance on your credit card?
Savings and investments: 15K savings
We will appreciate any advise. Thank you
Do you have a pension scheme? YES 4 % of pay and employer matches.
Do you own any investment or other property? No
Ages of children: No children.
Life insurance: no MPI 44 per month dual life.