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Flexible Repayment Options |
Skip Months
Fancy a break from your mortgage repayments at
Christmas or maybe before your summer holidays? With Skip Months you
can.
Skip Months allows you to take a break from your mortgage for 1 or 2
months during the year, without falling behind on your repayments. Your
repayments over the other months are increased to facilitate this. There may be
a slight additional interest cost in opting for this
facility.
Overpayments
This option allows you to make
extra payments to your mortgage on a regular basis. Even the smallest of
payments e.g. €40 per month, can save you thousands in interest over the term of
your loan and result in you clearing off your mortgage earlier. Restrictions
apply to fixed rate loans (a maximum of 10% of your normal mortgage repayment
can be overpaid).
If you build up Overpayments on your loan you can use
these to take a Payment Holiday when you need one.
Low Start (Repay
Interest Only)
This option allows you to reduce your mortgage
repayment for the first few months of your mortgage to an interest only
portion*. This means that you do not make any payment off the actual amount
borrowed for the first few months. At the end of your Low Start period, your
repayment is rescheduled to repay the amount borrowed over the remaining term
(i.e. your repayment increases).
* Note that your insurance products may
be billed to your mortgage account. This billing will still occur in the month
that your loan is set up and in any months where a Low Start is set
up.
Low Start (Make No Payment)
This first payment on
your mortgage will be to cover the cost of the interest due for the first few
weeks of your loan*. You can then opt for a Low Start which allows you to avoid
making any mortgage repayment for up to the first three months of your mortgage.
This means that you do not pay any interest or principal during these months.
However at the end of your Low Start period the deferred interest is added back
on to your loan, and your repayment is increased so that your loan is repaid
within the remaining term.
*Note that your insurance products may be
billed to your mortgage account. This billing will still occur in the month that
your loan is set up and in any months where a Low Start is set
up.
Payment Holidays
Payment holiday or underpayments
allow you to (a) reduce your mortgage repayments, or (b) take a complete break
from your mortgage repayments, once your loan is up and running. This means that
you pay either reduced or no interest or principle during the Payment Holiday
months.
At the end of your Payment Holiday period the deferred interest
is added back on to your loan, and your repayment is increased so that your loan
is repaid within the remaining term. This does not apply if you have
built up enough overpayments to fund your Payment Holiday i.e. there would be no
cost to taking a Payment Holiday if you had already overpaid your
mortgage.
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