On May 7th the ECB announced a further 0.25% reduction in interest rates. Rates are now lower than ever before in Ireland so what can mortgagors do to benefit them in the long term.
If you can leave your repayment the same as you were paying before the rate decreased then this will shorten the term of the mortgage. Many First Time Buyers took their mortgage over forty years with a view to reducing the term when the time was right. The time is right NOW!!! Increasing repayments by around €100 per month can knock up to 5 years off your mortgage term. Simply contact your broker or nearest Blue Sky Office and they will let you know what difference any increased payment can make but………DO IT NOW!
Are you paying an interest only mortgage on your family home or investment property. Now could be the time to change to capital and interest. Remember most lenders will allow you to pay part interest only and part capital and interest. This will allow you to plan the eventual clearing of your loan within a definite time frame.
