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Mortgage overpayment question

  • 29-06-2020 8:24am
    #1
    wayne0308
    Registered Users, Registered Users 2 Posts: 428 ✭✭


    Hi,

    I was wondering, if I overpay a mortgage, do I have a choice of reducing the monthly payments or reducing the term of the mortgage?

    Does this depend on whether you are on a fixed rate or variable rate?

    The reason I ask is that the BOI website only mentions that the term is reduced, and the overpayment calculator only shows that example. 

    Thanks,

    Wayne.


Comments

  • #2
    Bank of Ireland: Jennifer
    Closed Accounts Posts: 490 ✭✭Bank of Ireland: Jennifer


    wayne0308 wrote: »
    Hi,

    I was wondering, if I overpay a mortgage, do I have a choice of reducing the monthly payments or reducing the term of the mortgage?

    Does this depend on whether you are on a fixed rate or variable rate?

    The reason I ask is that the BOI website only mentions that the term is reduced, and the overpayment calculator only shows that example. 

    Thanks,

    Wayne.
    Hi Wayne0308,

    Thanks for getting in touch with us here today. 

    This would depend on the specific terms and conditions of your mortgage account. To discuss this in further detail we would recommend that you contact our mortgage specialist team on 016113333 and one of our mortgage advisors will be more than happy to help with this. 

    We hope this helps.

    Thanks Jen 


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