Repayment

P

pint6

Registered User
Messages
72
Hello there,
Though my mortgage installments is scheduled to come out of my account from next month, I paid my first months repayment this month(as I had some extra cash). At the moment I am paying huge sum around 1500 towards my repayment(for 330K). Is there any way I can request my lender to come down with the repaymenet amount, like changing my repayment to Interest only, or any other options. Please advise. If is not doable, I will stick with the same payments.
Regards,
Pint 6
 
Are you obtaining owner occupier mortgage interest tax relief which should reduce your monthly repayments by up to €66.67 per mortgage holder? Does the €1500 include mortgage protection life assurance, home insurance and maybe even mortgage payment protection insurance bought from your lender? If so you can save money on the first two by shopping around (if it's not too late) and the third one is nor mandatory and can often represent poor value for money. See this thread for more on mortgage related insurance policies. If you took out a decreasing term mortgage protection life assurance policy then the lender will most likely not let you switch to interest only without arranging different (e.g. level term) life assurance cover. Can you avail of the owner occupier allowing you to collect up to €7,620 rental income p.a. free of tax?
 
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