Thought I'd post up this article in light of the ECB interest rate cut this week

http://www.thejournal.ie/interest-rate-impact-on-irish-borrowers-1654189-Sep2014/

Anyone who's on a tracker will see their mortgage payment fall again now. However now is a great opportunity to make inroads into the mortgage while rates are low and before they inevitably rise in a few years time.

If you take your saving (or a bit more) if you can afford it and make an additional payment to your mortgage not only will it reduce the effective term of the mortgage it'll also mean you have a lower loan balance when rates rise again at some point in the future. If needs be you can cancel the overpayment at that stage so the impact of the rate rise is not so severe.

I think the best way to make the additional payment is to set up a standing order to your mortgage account. You can set it up or cancel it online without having to talk to anyone in the bank which would be the case if you wanted to change the existing direct debit.

We shouldn't forget ecb rates were very low up 2008 but when they started to rise it was very very quickly.

Just my 2p