I'm 6 months in to a 25 year €265k KBC mortgage at 2.4%. I am allowed overpay by 10% of the mortgage value within the 5 year period. As far as I understand it is a KBC policy not a condition of the mortgage so BOI may not allow.
So I am able to over pay by €26,500 within the next 4.5 years (subject to BOI). That could be a lump sum or x extra per month, in both cases it comes off the principle as far as I understand.
My question is, is there any difference financially between paying the €26.5k today, spread over monthly repayments or at the end of the 5 years before I sign up for a ne fixed rate.
If there is not we will probable wait for the end of the 5 years.
So I am able to over pay by €26,500 within the next 4.5 years (subject to BOI). That could be a lump sum or x extra per month, in both cases it comes off the principle as far as I understand.
My question is, is there any difference financially between paying the €26.5k today, spread over monthly repayments or at the end of the 5 years before I sign up for a ne fixed rate.
If there is not we will probable wait for the end of the 5 years.