Hi i have a few queries on over overpaying my mortgage.
To start my term was 29 years.
As of today i have 27years and 5months left.
Drawdown amount. €279k
My payment day 1 was €1077.
Aib 5year fix 2.15%
Interest charged every 1/4 on net principal balance.
Iv overpaid by an X amount i cant remember exact figure.
Today repayment amount is €1040.
having read overpaying to reduce contractual repayment amount is the same as reducing the term.
If i was to continue to overpay and reduce contractual repayments amount add the extra overpayment by the amount reduced on to the next payment and so on for the the remainder of the 5 year fix term. If i stop overpaying then for the rest of the mortgage term will the term have been reduced or do you have to continue to overpay indefinitely until the mortgage is closed.
Just to add in work i will be retired on 2050.
Mortgage not up until 2051
Thanks
To start my term was 29 years.
As of today i have 27years and 5months left.
Drawdown amount. €279k
My payment day 1 was €1077.
Aib 5year fix 2.15%
Interest charged every 1/4 on net principal balance.
Iv overpaid by an X amount i cant remember exact figure.
Today repayment amount is €1040.
having read overpaying to reduce contractual repayment amount is the same as reducing the term.
If i was to continue to overpay and reduce contractual repayments amount add the extra overpayment by the amount reduced on to the next payment and so on for the the remainder of the 5 year fix term. If i stop overpaying then for the rest of the mortgage term will the term have been reduced or do you have to continue to overpay indefinitely until the mortgage is closed.
Just to add in work i will be retired on 2050.
Mortgage not up until 2051
Thanks
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