This is what I assumed although I didn't specifically ask, apologies. The lady on the phone was difficult to understand due to her accent.
This is what I assumed although I didn't specifically ask, apologies. The lady on the phone was difficult to understand due to her accent.I assume based on that above, re monthly repayment staying the same, that means you are paying more off the capital off each month, even if your overpayment(s) have not been applied?
This is what I assumed although I didn't specifically ask, apologies. The lady on the phone was difficult to understand due to her accent.
This is what I assumed although I didn't specifically ask, apologies. The lady on the phone was difficult to understand due to her accent.
This does not sound correct, because if you were paying off capital with any over-payment you make, your interest repayments should immediately adjust downward as the interest rate is applicable to a lower outstanding capital balance. In addition, given that any over payment is non-refundable, and it's not being applied directly to your repayments, where is it going?
There is something fishy going on here. I would ring up and clarify this point Cavangirl, especially since these funds are apparently 'non-refundable'
And did your monthly repayment amount stay the same after you made each lump sum payment? Even after you told them to reduce the balance?Well over the last 2 years or so I have made 4 lump sum payments off my mortgage. I could see the overpayment credit sitting as a prepayment figure on the PTSB app until I instructed them to reduce the balance. The overpayment had to be temporarily cancelled to facilitate this.
My payments have reduced after each lump sum payment because I am on a variable interest rate and each time I ask for the monthly payments to reduce while keeping the original term.And did your monthly repayment amount stay the same after you made each lump sum payment? Even after you told them to reduce the balance?
@Cavangal When did you re-fix at 3%? When will the next payment be taken?So I have been keeping an eye on the PTSB app and I was on a variable rate of 3.7%.I made a lump sum payment recently and I could see the payment figure reduce.
I fixed for 7 years at 3% and today on the app I can see the new rate and term but the payment figure has not changed. It seems to be still at the 3.7% payment rate. Will this change?
I recently fixed for 7 years with Avant at 1.95%. Shoukd I break and fix for 22 years (length of mortgage) at 2.5%?
It's not certain that Avant will even allow you to do this.I recently fixed for 7 years with Avant at 1.95%. Shoukd I break and fix for 22 years (length of mortgage) at 2.5%?
Thanks Paul. My broker asked Avant and they said for me to contact them directly. I am awaiting a reply from my email to them.It's not certain that Avant will even allow you to do this.
If your mortgage was €300k, switching to the 2.5% rate would cost you an extra €300,000*(2.5 - 1.95)/100*7 = €11,550 in interest over the next seven years (approximately).
I noticed on the app today that the payment has been adjusted. So going forward my mortgage of €71k approx is fixed for 7 years at 3% with payments of €369. At 3.7% it was €395.@Cavangal When did you re-fix at 3%? When will the next payment be taken?
Another question: did PTSB make you get an updated property valuation to re-fix at 3%?
Thanks
Try posting in the money make over forum. For an informed answer you'll need to provide the following info:Hi did anyone have any advice on my question please?