Paying extra on your mortgage each month must you actually pay it over the counter or can any direct debit be set up for that. If paying over the counter can it be lodged by anybody else or does it have to be the mortgage holder only.
Something to bear in mind, I recently asked the AIB about paying off a lump sum on my tracker and the assistant said that the amount/interest/remaining sum etc has to be calculated manually each time a payment is made off the capital, so they would prefer it if I saved it all up into a decent amount before doing it, rather than coming in with small amounts like €100 or so every couple weeks.
I am with AIB also. I tried to transfer a few hundred euro to my mortgage online. It wouldn't take. I rang 24HR banking and they wouldn't let me lodge to the mortgage account.
So then I decided to log in to my BOI account. And I could transfer from there. Madness!!!
Now I just pay it monthly as part of my DD.
What's the current spread between deposit rates and tracker rates?Thanks VOR. Yes it would save a considerable amount by overpaying.
I'm coming off my fixed rate onto a tracker mortgage next month.
I'd like to use this to reduce the term of the mortgage - I currently owe €223K over 32 years.
I think trackers are a thing of the past so be interested to know where you got this information from?
But are you definitely sure that the money you are paying into your mortgage account is actually coming off the capital amount?
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