We are looking to buy a home and so far have pre approval from BOI and PTSB (AIB to come soon we hope)
From what they have quoted me if we watch our spending I know most months we would able to to make an overpayment of at least 25%. But not every month if we needed to fix the car, buy oil, etc….
I’m not very knowledgeable with all this stuff so I was looking at the variable rate mortgages so we can make overpayments but my brother in the UK is able to make overpayments while on a fixed rate of up to 10% of the remaining sum to be payed. However I cannot find any info for ptsb or AIB and boi say it’s only 10% of your monthly repayment which is much smaller.
Are there any banks in Ireland that allow for larger monthly overpayments, or am I stuck going with the variable rates?
I guess it’s also an option to get smaller fixed rate times (3 years or so) and then make lump sum payments from savings before opening another fixed term but I’m not sure if this will save money compared to a variable rate in the long term.
Any advice would be super helpful.
From what they have quoted me if we watch our spending I know most months we would able to to make an overpayment of at least 25%. But not every month if we needed to fix the car, buy oil, etc….
I’m not very knowledgeable with all this stuff so I was looking at the variable rate mortgages so we can make overpayments but my brother in the UK is able to make overpayments while on a fixed rate of up to 10% of the remaining sum to be payed. However I cannot find any info for ptsb or AIB and boi say it’s only 10% of your monthly repayment which is much smaller.
Are there any banks in Ireland that allow for larger monthly overpayments, or am I stuck going with the variable rates?
I guess it’s also an option to get smaller fixed rate times (3 years or so) and then make lump sum payments from savings before opening another fixed term but I’m not sure if this will save money compared to a variable rate in the long term.
Any advice would be super helpful.