# paying extra monthly on tracker mortgage



## havetoask (10 Dec 2009)

hi all

We are lucky enough to have some money left over each month and are wondering if its possible to put this of our ulster bank tracker mortgage [capital not interest] and if this would make much of a difference on the term, say we put an extra 500euro per month .mortgage 250k over 25 years , we have just started into our 7th year into mortgage


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## NorfBank (10 Dec 2009)

It is possible, assuming you are on a 0.75% tracker, it would take around 5.5 years off your remaining mortgage term of 18 years.


www.moneybackmortgages.ie


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## havetoask (10 Dec 2009)

Thank you for reply and help


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## corkgal (10 Dec 2009)

The budget yesterday has added an incentive to stay in negative equity, I'd consider that too.


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## ocon (12 Dec 2009)

corkgal said:


> The budget yesterday has added an incentive to stay in negative equity, I'd consider that too.


 
What incentive is this?


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## fme (22 Dec 2009)

Hi.
If you are on a tracker then it may well be a good rate. Therefore I would consider putting your extra money into deposit acct. That way you will have instant access to it in the future. We overpaid our tracker mortgage with ptsb for some time but did not have access to withdraw that overpaid money (would like it now to help pay for deposit for new house). We have now taken a mortgage holiday and save into deposit what we would have been paying into the mortgage, in order to have access to the money.


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