There are two ways to do this. You can either increase your monthly payments, or make a one time payment on top of your monthly payments.
To increase your monthly payments, do the following:
Tap on "Property" in your app
Choose the loan you want to change, and tap on your Term-amount
Change it to the desired payment.
Note that if you increase your monthly payment amount, you can't decrease it on your own.
If you'd rather make a one time extra payment, do the following:
Tap on "Property" in your app
Choose the loan you want to change, and tap on Pay Extra"
Choose how the extra payment will affect your loan.
Enter the desired amount
You can choose between a shorter loan or have the extra payment affect your monthly sum.
Shorter loan
An extra payment chosen to affect "Shorter loan" will cause your monthly payment to stay unchanged, but rather calculate a new end date for your mortgage. To make sure the payment goes through:
Payment can't exceed the balance of the paying acount
Payment can't exceed the total outstanding mortgage
Less per month
This option will reduce your monthly payments, while your mortgage's end date stays the same. A good option if you want more flexibility.
Limits for "Less per month":
This option is not available if you have paused your installments
This option is not available if you haven't payed your first term yet
This option is not available if the extra payment will exceed the total outstanding mortgage
Your mortgage interest is automatically lowered if you reach a lower step based on your extra payment. You can see our price range here.
For an extra repayment to be included in the calculation of the loan-to-value ratio (LTV) against the property value, it must be made before the 15th of each month, as we update the property value relative to the loan amount once per month. We cannot guarantee that the interest rate will be reduced, as this depends on the updated property value.
If you wish to fullfill your outstanding mortgage, please contact us on chat so that we can calculate your remaining interest.