Where do I start? - Advice please!

Jeidi

Hi all,
I have been a lurker for a while and have been really motivated reading all your posts.
I'd like someone to point me in the right direction, at the moment I have a 215k mortgage over 30 years, I am 5 years into it. Its tracker rate of 2.68% at the moment, monthly repayments are €806.

I love the idea of being able to skim off any left over money at the end of every month and pay it off the mortgage.
I bank with AIB and my mortgage is with PTSB.
Is it possible to be able to view my mortgage account online and transfer money into it when I can? I rang PTSB about this before and got passed from pilar to post with no positive outcome.
I am addicted to internet banking, I check it all the time and it would be great to have access to the mortgage account.

At the moment I cant honestly be sure what the outstanding amount is at the moment either, so I really need pointers.
I am 31 BTW.

Thanks!

alex_p

You should be able to call up your mortgage provider and request a balance over the phone. They also should send you statements at least once a year. I am not 100% about managing your mortgage online, it may be offered by some mortgage providers but I have not come accross this.

I normally call up, request a balance and arrange an overpayment over the phone in about 5 mins. Then they take it via direct debit. You need to check the terms of you mortgage whether there are any penalties for overpaying.

Also another trick is if you can afford to pay more per month is to change the term of the mortgage. So for instance dropping your term from 30 to 25 years will up the payments and save on interest. There is usually a small fee for this - e.g. £25.

I would call them up and speak to them to find out how you can make overpayments.

Hope this helps.

Jeidi

Thanks Alex, will give them a call today.