pay off mortgage early Ireland
May 29, 2023

Pay Off Mortgage Early Ireland: Save 3 Years Using Revolut

Want to pay off your mortgage early in Ireland? You don’t need a big salary increase or a lump sum windfall. You just need a smartphone, the Revolut app, and your mortgage IBAN. Here’s how a simple daily habit could save you nearly three years of payments.

The Simple Strategy That Works

The beauty of this approach is how little effort it takes. Set it up once and let it run. Here are the steps:

  1. Install the Revolut app on your phone.
  2. Create a “Spare Change Vault” within the app.
  3. Use your Revolut card as your daily spending card.
  4. Each month, transfer the Vault balance directly to your mortgage account using your IBAN.
  5. Stay consistent — and watch your mortgage balance fall faster than you expected.

The Numbers Behind It

My wife Ciara and I tracked our own spending and found we use our cards at least 70 times a month. Revolut’s Spare Change Vault rounds each transaction up to the nearest euro and saves the difference. The Central Bank reports the average Irish card transaction is €45.47 — meaning an average round-up of €0.53 per transaction. Across 70 transactions, that’s €74.20 extra per month.

Now here’s where it gets interesting.

The average Irish mortgage is €284,623 over 30 years. At a rate of 4.65%, that’s a monthly repayment of €1,467. Overpay by just €74.20 each month and you save €27,454 in interest and clear your mortgage 35 months early. That’s nearly three years of mortgage payments, life cover costs, and monthly bank fees gone.

How to Pay Off Your Mortgage Early in Ireland

This is what financial planning in Ireland is really about. Not dramatic gestures — consistent small actions that compound over time. If you want to pay off your mortgage early in Ireland, this is one of the simplest places to start.

While I don’t arrange mortgages directly, I work with clients across Westmeath and Ireland to make sure their financial plans are actually working for them. Sometimes a small tweak makes a very big difference.

For more on managing your mortgage and finances in Ireland, the Competition and Consumer Protection Commission has a useful mortgage overpayment guide.

You might also find this helpful: How One Couple Saved €5,760 on Mortgage Protection

Get in Touch 📧 richard@ferrisfinancialplanning.ie 📱 087 772 9268

Based in Westmeath, advising clients across Ireland.