Lenders may allow tracker holders to pay off debt sooner

Mortgage lenders are today reported to be considering a proposal, offering tracker-mortgage holders credit for additional payments.

It would allow homeowners pay down their mortgage quicker and save money on interest payments.

"There's a lot of people out there that can afford to do this," said Irish Mortgage Brokers operations manager Karl Deiter.

"For the people who can't who are in trouble there's mechanisms there to help them, but this is just refreshing because it's a mechanism that is there to help the people who aren't in trouble reduce their level debt, and that's a very positive thing."