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AIB - Paying Mortgage Lump Sum online

  • 27-07-2015 8:54am
    #1
    Uriel.
    Registered Users, Registered Users 2 Posts: 8,062 ✭✭✭


    So I noticed this morning, that on AIB Internet Banking you can now transfer money into your mortgage account, a feature that was previously disabled. I did a transfer of €500 as a tester and the money transferred and the outstanding mortgage reduced by €500.

    Just wondering though of the effect of this? Normally when doing "offline" lump sum payments you are asked whether you want to reduce your monthly payment (while keeping the mortgage term as it is) or if you want to reduce the term and keep the same monthly payment.

    Anybody know what the default position is with regard to online payments?


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,686 ✭✭✭✭NIMAN


    I have made approx 7 or 8 overpyaments on my mortgage over the years and have always done it via a cheque, as I was afraid if I did it online they would reduce my monthly amount and keep term the same.


  • #3
    Alun
    Registered Users, Registered Users 2 Posts: 21,499 ✭✭✭✭Alun


    See this post on the "Ask AIB" forum ...

    http://www.boards.ie/ttfpost/94174973

    The default is for overpayments made via this method to reduce the balance with payments remaining the same.


  • #4
    Uriel.
    Registered Users, Registered Users 2 Posts: 8,062 ✭✭✭Uriel.


    Alun wrote: »
    See this post on the "Ask AIB" forum ...

    http://www.boards.ie/ttfpost/94174973

    The default is for overpayments made via this method to reduce the balance with payments remaining the same.

    Cheers Alun, that's great news. Seems AIB are keeping the service quiet...might be a trial or something...makes life much easier.


  • #5
    MrWalsh
    Closed Accounts Posts: 2,664 ✭✭✭MrWalsh


    Uriel. wrote: »
    Cheers Alun, that's great news. Seems AIB are keeping the service quiet...might be a trial or something...makes life much easier.

    Yes, they never mentioned it was possible and last Xmas I accidently transferred 500 euro to the mortgage account (as opposed to the account that the mortgage payment is taken from).

    You cannot reverse such a transaction online and it took numerous calls, emails and letters to get AIB to engage and reverse it. Really the most difficult part was trying to elicit a response at all.


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