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Repaying your mortgage

What are additional mortgage repayments?

Repaying more than the agreed amount or paying back part of your interest-only mortgage, is known as making ‘additional mortgage repayments’. With the exception of interest-only mortgages, most mortgage types require you to pay back part of the mortgage loan during the loan term. You can also build up capital by paying premiums into an insurance policy or through a savings policy. You can easily manage most mortgage types yourself using Internet Banking.

 

Additional repayments

  • Make additional repayments when it suits you
  • View your new monthly repayment amount straight away
  • Lower your mortgage debt

Additional monthly repayments

  • Automated extra monthly payments
  • Change or cancel at any time
  • Starting from €25
  • Lower your mortgage debt

Benefits and drawbacks of additional repayments

Benefits of additional repayments

Benefits of making additional repayments:

  • Your monthly repayment amount will decrease.
  • Your mortgage loan amount will decrease.
  • The interest due could go down.
  • You could end up paying less in taxes.

Drawbacks of additional repayments

Drawbacks of making additional repayments: 

  • The amount of mortgage interest you can deduct from your taxable income will decrease. 
  • You will have less money/savings to directly access.
  • You may have to pay a fee if you repay more than is permitted according to your mortgage terms and conditions.
  • Additional repayments could be disadvantageous in terms of payable taxes, as they may have consequences for any savings accounts or insurance policies linked to the mortgage. Always seek advice in this case.
  • If a surplus arises when selling your house as a result of the additional repayment, you will need to contribute a larger amount of your own means when buying another house. 

How much can you repay additionally?

The amount

You are usually allowed to repay an additional 10% of the original loan each calendar year. The exact amount you are permitted to repay additionally without having to pay a fee is stated in your mortgage terms and conditions.

Do you have an interest-only mortgage?

Interest-only mortgages

In the case of interest-only mortgages, you do not make any repayments to the bank during the loan term. Every month, you only pay interest on the loan amount. Your loan amount stays the same and you have to pay it back in a single lump-sum at the end of the loan term. You can pay back the loan amount by building up capital in another way or using the proceeds from the sale of your house.


You can also convert your interest-only mortgage into an annuity mortgage  or a linear mortgage  and continue to deduct mortgage interest from your taxable income. You then pay off part of your mortgage every month. This gives you the peace of mind that your loan will have been repaid completely by the end of the term. You can easily change your mortgage type in Internet Banking.

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