U First Mortgage.. extra payments?

G

Gar123

Guest
hi there

I currently have a U first on the variable rate
does anyone know if there are any penalties for making extra payments to try bring down the repayment amount or mortgage length?
 
U First

Hi

I've got a U First Tracker mortgage which I started increasing the payments to in the middle of 2004. No problems with that from UB's point of view.

I only took out the mortgage in January 2004 if that makes a difference.

Almost30
 
Re: U First

On any variable rate or tracker mortgage lenders can not refuse overpayments or charge any fees or penalties for overpayments - only fixed rate mortgages have prepayment penalties and only for the duration of the fixed rate period.

Sarah

www.rea.ie
 
Re: U First

One piece of advice - make sure you make it clear that you want your overpayments to be taken off your outstanding capital balance with immediate effect. (Might seem obvious but Niall Brady had a story in the Sunday Tribune recently regarding a readre who had been making overpayments for years, but Permanent TSB didn't automatically apply them off his outstanding loan balance.)

Liam D Ferguson
www.ferga.com
 
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