One thing that could help you save tens of thousands over the course of your mortgage is to not automatically opt for the longest mortgage term offered to you.
The shorter the mortgage term the less interest you will repay to the bank. Monthly repayments will be higher but if it’s affordable try and drop a year, or two or five or ten!
Illustrative example -
- Mortgage €400,000, interest rate 3.5%
- Repayments =
- 35 year term €1,653 per month
- 30 year term €1,796 per month
- Difference €143 per month
Taking 3.5% rate over term then interest savings would be €44,605 AND clear your mortgage 5 years earlier!
Just because banks lend up to age 70 years at expiry does not mean you should opt for the longer term.
If affordable keep your mortgage term low. Always speak to your mortgage advisor about repayments over various terms to find the best term to suit your budget.
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