G
gregor
Guest
Hi There
Now that the SSIA has finished I have a lump sum that I want to put against the capital on my mortgage. In addition we now have €500 monthly that we want to put against the mortgage too.
Question - Is there any financial benefit in decreasing the term by using the additional €500 to increase our monthly payments? OR are we better off leaving the term as it is and making an annual lump sum payment? OR is there any difference at all in the way that the bank calculate it?
At this stage I'm so suspicious of the banks that I'm concerned that they'll have some way of clawing back the lost revenue as a result of us paying off our mortgage earlier!! - Any advice much appreciated.
G
Now that the SSIA has finished I have a lump sum that I want to put against the capital on my mortgage. In addition we now have €500 monthly that we want to put against the mortgage too.
Question - Is there any financial benefit in decreasing the term by using the additional €500 to increase our monthly payments? OR are we better off leaving the term as it is and making an annual lump sum payment? OR is there any difference at all in the way that the bank calculate it?
At this stage I'm so suspicious of the banks that I'm concerned that they'll have some way of clawing back the lost revenue as a result of us paying off our mortgage earlier!! - Any advice much appreciated.
G