ECB Rate Cut

[John_D]

Grand, cheers @[JohnH]
One more question, did you have to give instructions whether to reduce payments or term? Or do they automatically just reduce the term?

[JohnH]

Grand, cheers @[JohnH]
One more question, did you have to give instructions whether to reduce payments or term? Or do they automatically just reduce the term?

No instructions needed. It'll just reduce the term, your usual payment will stay the same. The benefit of doing it via standing order is that you're not committed to it and can cancel the extra payment at a later stage if needs be

[kceire]

I started doing this a few years back. I cancelled all direct debits from my account. Only have 2, TVA licence and Mortgage Protection Insurance.

I do online transfers every 2 weeks (pay day). ESB, gas, upc, meteor, mortgage etc
I just take my monthly mortgage and multiply by 12 then divide by 26, round up as much I can and pay that. Sometime paying an extra €10, sometimes, €20 but the end result should be all the same. Might shave a year or two off the mortgage towards the end.......hopefully!!!

[Eoin]

Spare a taught for idiots like myself trapped in a variable mortgage!
Banks have increased their rates over the last few months to combat against their losses on trackers!:crying:

[kceire]

Spare a taught for idiots like myself trapped in a variable mortgage!
Banks have increased their rates over the last few months to combat against their losses on trackers!:crying:

Sorry