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How does mortgage overpayment work?

  • 28-12-2015 11:56pm
    #1
    Lumina
    Closed Accounts Posts: 125 ✭✭


    I am aiming to reduce the monthly outgoing on my mortgage by paying a lump some/several lump sums to bring it down to a certain level. I am on a VARIABLE rate message.

    If I were to transfer 5k or 10k into the mortgage account by online transfer would this automatically result in reduced monthly repayments, reduced term or nothing at all?

    Thank you


Comments

  • #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Hi Lumina,

    Thank you for contacting us on Boards.

    You can certainly make extra payments to your mortgage on 365 Online by adding your Mortgage account as a bill payee. To confirm whether the payments you wish to make will affect your monthly repayments or the term, it would be best to call our Mortgage team who can check this for you on your account. You can call our Mortgage team on 01- 611 3333.

    Thanks,
    Sarah


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