How to pay down fixed rate mortgage?

[Emmet 007]

I looked over older threads but couldn't find one that answered my question, although feel free to point me to one if there is one.

My question is I was a FTB a year ago with an introductory fixed one year rate. I will soon be moving to a longer term fixed rate.

But I want to use up a few thousand of savings to pay down some of my mortgage.

Is this allowed for a fixed rate mortgage and will there be an extra charge?

Thanks!

 

[NorfBank]

Depends on the lender, you may have to put a call in.

There is usually a penalty for lump sum repayments on a fixed rate but some lenders allow you to repay up to a certain amount without penalty.

www.moneybackmortgages.ie

 

[Brendan Burgess]

Hi Emmet

You have a fixed rate which is ending soon? Once it is finished, you will have a variable mortgage. You can pay any amount off a variable mortgage without penalty. Then you can fix the balance.

if you have or might have savings, you should consider whether a fixed rate mortgage is for you. A variable rate mortgage is much more flexible.

Brendan