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Fixed Rate - Mortgage Overpayment

  • 17-11-2017 2:56pm
    #1
    Monfreid
    Registered Users, Registered Users 2 Posts: 102 ✭✭


    Hello,

    I would be interested in making regular overpayment on my fixed rate mortgage.

    I don't really understand this part from your page: Mortgage Overpayment


    Your monthly repayment amount will be fixed, which means the effect of the Overpayment on the capital balance will vary with interest rate fluctuations during the Overpayment period.

    What do you mean by "will vary with interest rate fluctuations", the mortgage has a fixed rate so the interest rate should not vary for the duration of the fixed term?

    Thank you in advance for your explanation 


Comments

  • #2
    Bank of Ireland: Kareana
    Closed Accounts Posts: 453 ✭✭Bank of Ireland: Kareana


    Hi Monfreid,

    Thanks for your post here on boards.

    Please leave your query with me and I will check with our mortgage specialist team.

    I will update you here as soon as possible once they get back to myself.  

    Thanks,

    Kareana


  • #3
    Bank of Ireland: Kareana
    Closed Accounts Posts: 453 ✭✭Bank of Ireland: Kareana


    Hi Monfreid, 

    Thanks for waiting for my response.

    When you are on a fixed interest rate there is a small bit of ley way with regards to overpaying on a fixed rate mortgage. 

    You can either overpay by €65.00 or 10% of your monthly direct debit whichever is the greater of the 2.

    If you have any further queries or would like to discuss this with our mortgages team please call them on 016113333 and an advisor will be happy to help you.

    Thanks,

    Kareana  


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