OverPaying on Mortgage

mozzer

Frequent Poster
Messages
97
Folks,

I'm luck in that I have a tracker mortgage. My mortgage was with Danske Bank but was transferred to Pepper some years ago.

As the interest rate is low, I've just paid the amount that will see the mortgage cleared after 30 years. There's quite a few years remaining on it now - 16 roughly.

I just want to get your thoughts on Options to clear the mortgage earlier e.g.

Overpay on the mortgage each month - this may be easier to adjust to - in general just by throwing an extra hundred or two hundred each month.
Pay a lump sum off the mortgage each year or multiple times a year
Don't try to pay off earlier as the interest is so low

I don't have any other debts at the moment. So just looking for observations.
 

Lucuma

Frequent Poster
Messages
124
PTSB only allow you to pay one lump sum off your mortgage ever. Not sure about other banks. So because I paid a lump sump before, I never can again. The only option to me now is overpayments every month
 

RedOnion

Frequent Poster
Messages
4,542
PTSB only allow you to pay one lump sum off your mortgage ever. Not sure about other banks. So because I paid a lump sump before, I never can again. The only option to me now is overpayments every month
What?
Such a condition would be illegal. What are the circumstances?
 

Codogly

Frequent Poster
Messages
150
Mozzer you should consider your other positions ... are you making pension contributions to max , are there are big purchases / expenses on the horizon ? ...you will never borrow money cheeper than that Danske Mortgage rate ...If you ever see yourself having to borrow in the future for say ( kids education / new car / once in a lifetime holiday etc) then don’t repay the mortgage early.
 
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