General mortgage query (1 Viewer)

dunderhead

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general mortgage query

if you sign up to a 30 year mortgage

is it possible to reduce it to 25 years for example after a year?
 

Lili Marlene

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general mortgage query

if you sign up to a 30 year mortgage

is it possible to reduce it to 25 years for example after a year?

IIRC possibly with Ulster and, I think, KBC.

Everyone else either no or you'll have to pay a bomb in fees to make up for their lost interest.

You'd have to check with your mortgage provider directly though, it'll be different depending on who it is.
 

hugh

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As far as I know, the fees they hit you with for lost interest only apply if you are on a fixed rate. I think if you are on a variable rate they can't penalise you for overpaying on your mortgage and therefore finishing if off earlier than planned. Thought of doing this once but then of course, didn't bother. As far as I remember it was important to write to them and specify that you want the extra amount paid into paying off the principal.

The other option is to just re-mortgage ... in which case you can shop around the different providers.
 

dunderhead

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After procrastinating too long with half arsed research a property has popped up that is a possibility for me so was going to go in for 1 year fixed with Bank of Ireland over 30 and then reduce the length of it possibly after feeling the reality of being a mortgage holding home owner
 

chris d

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We had a fixed mortgage on the apartment, instead of going for the tracker hahahahaha. Which we started overpaying in the midst of property crash depression to feel better about stuff. We brought a 30yr mortgage down to like 10 years or some shit after 10 years. Then we sold and bought a house with like a 500 year mortgage. Try not to think about it anymore.
 

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