With access to all the High Street Mortgage Lenders a Financial Consultant will call to you at a time that is convienient to you and fill out a gengeric mortage application form. We will then submit this application to all suitable mortgage lenders and get the lender who is willing to offer you the loan you need at the best rate for you.

Why choose Moneyworks? We will tell you what the banks don't want you to know.

If you have a variable-rate mortgage, you can reduce your mortgage (without any penalties) by lodging a lump sum off your mortgage amount or by paying more each month than the agreed amount. However if you have a Fixed rate mortgage you may be charged a penalty if you want to pay extra off your mortgage.

Pay off a lump sum
You can reduce your mortgage by making a single large payment off the amount you owe. This is called reducing the capital. Make sure you tell your mortgage lender that you want the lump sum to be paid off the capital. Paying a lump sum means that you will have:

•lower monthly repayments or 
•a shorter term so your mortgage is paid off sooner.
Either way, you will pay less interest over the term of the mortgage than before.

Pay more each month than the agreed amount
By increasing the amount you pay each month, you will pay your mortgage off faster and save money on interest.

For example, if you have 35 years left on a €300,000 mortgage with an APR of 4% you are currently paying € 1,328 per month,  at the end of year 35 you will have given your mortgage lender €275,896 in interest. What Moneyworks advice you to do where possible is to pay an extra €200 each month, you would save just under €100,000 in interest and reduce your mortgage term by 10 years. By going with our advice in this instance, the lender has just lost out on €100,000.

Call Moneyworks today 0863664455 or 0469483630 for a Free 10 Year Mortgage Plan.


Last Updated ( Thursday, 14 July 2011 12:57 )  
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