Mortgage Repayments Question

veryangryman

Hi all,

I recenlty bought a new place, and am paying my mortgage monthly. Nothing special there. However, i sometimes have a few quid to spare, and would like to chuck it into the Mortgage via my online banking (AIB).

For some reason, this is not possible. Has anyone else noticed this before? Do the payments strictly have to be made in pre-agreed amounts and times, or is there a glitch in the system.

Thanks in advance for any info.

goodlad

you cant pay extra off a mortgage like that, u have to stick to the set amount. Unless you do a lump sum payment but i think that has to be about 33%, lol

red dave

you could get the bank to increase the repayments and shorten the length of the mortgage if you are not on a fixed rate for few years?

BuffyBot

veryangryman wrote: »

Do the payments strictly have to be made in pre-agreed amounts and times, or is there a glitch in the system.

Thanks in advance for any info.

Depends on the mortgage you've taken out. Some won't let you make random payments into it - especially when it's a fixed rate.

B1977

If your mortgage is fixed you can pay an extra €65 per
month with bank of ireland

veryangryman

Its a variable mortgage.

I kinda thought that youd be able throw money at it every now and again to make it go away quicker

I have increased payments in writing to the bank a month back, but thats just awkward sometimes because some months you have plenty of cash, and some you dont (post christmas money woes anyone???)

Mezcita

To clarify you normally can't make overpayments on a fixed mortgage. However, on variable mortgages you can.

I'm with AIB and remember ringing them to register ICS (crowd who I owe the mortgage too) to my list of accounts I make payments too.

One thing to watch out for is that the mortgage company have not been taking the extra payments off the lump sum I owe and have simply let the money sit in the mortgage account. Cheeky feckers.