Every loan must be repaid properly and on time. In addition to the regular monthly repayments, if you have available funds, you can also make an extra repayment, i.e. a payment outside the agreed repayment schedule.
Extraordinary deposit and mortgage
Do you have a mortgage, have available funds and are thinking about making an extra mortgage payment? Then think carefully, it’s not always the best solution.
When is an extra mortgage payment worth it?
Until relatively recently, extraordinary repayment of a loan was usually disadvantageous due to high penalty fees, but today it is a bit easier. But only for mortgage loans arranged after 1 December 2016, when the new consumer law came into force.
- Under it, you can repay up to 25 per cent of the loan amount without a fee, one month before the contract anniversary.
- You also have the option of making an emergency repayment of up to the principal amount of the loan within three months of the bank setting a new interest rate.