My partner and I will have 30k coming to us soon and would like to pay this off our mortgage.
Our mortgage is 375k over 35 years with 33.5 years remaining. Interest rate is 4.7% and monthly repayment is €1535. House value is approx €460k. The mortgage is with BOSI and they are giving me two options for paying 30k off the principal - we can keep the term at 35 years and reduce the monthly repayment OR pay €95 to change the term and keep our monthly repayment the same. I don't want to reduce the monthly repayment but don't think that I should have to pay to reduce the term either.
We are comfortable with the monthly repayment and could afford to pay up to €300pm extra without a problem. Is there a better mortgage option out there for us? We have three years remaining on FTB mortgage interest relief.
Our mortgage is 375k over 35 years with 33.5 years remaining. Interest rate is 4.7% and monthly repayment is €1535. House value is approx €460k. The mortgage is with BOSI and they are giving me two options for paying 30k off the principal - we can keep the term at 35 years and reduce the monthly repayment OR pay €95 to change the term and keep our monthly repayment the same. I don't want to reduce the monthly repayment but don't think that I should have to pay to reduce the term either.
We are comfortable with the monthly repayment and could afford to pay up to €300pm extra without a problem. Is there a better mortgage option out there for us? We have three years remaining on FTB mortgage interest relief.