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Mortgage Overpayment

  • 02-12-2017 11:52am
    #1
    tommypepper
    Registered Users, Registered Users 2 Posts: 77 ✭✭


    So ive only just become aware that I can only overpay my mortgage by max 65 euro while on a fixed rate. The thing is Ive been overpaying my fixed rate mortgage by significantly more than that for nearly three years. So if BOI have been taking this overpayment every month by DD where is it going? It appears to be coming off the principal but am I missing something?


Comments

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


    Hi tommypepper,

    Thanks for getting in touch with us on Boards.

    That would be correct, you can make an overpayment to a fixed rate mortgage of 10% of your normal repayment, or €65, which ever amount is greater. We would advise you to call our Mortgages team on 01-6113333 as they can look into your specific account and advise on these payments. Please let us know if we can help with any other query.

    Thanks,
    Sarah


  • #3
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    Op, check and ensure that all that extra payment you made did not just simply go in fees to BOI for going outside the terms of your mortgage.

    BOI need to be more transparent about this.

    Best of luck.


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