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Mortgage overpayment via 365online

  • 11-11-2020 8:42am
    #1
    wayne0308
    Registered Users, Registered Users 2 Posts: 428 ✭✭


    Hi,

    I notice that it is possible to send lump sum payments to your BOI mortgage through 365online. I was wondering, do overpayments applied in this way reduce the term or do they reduce the monthly repayments by default?

    Thanks,

    Wayne.


Comments

  • #2
    Marty1983
    Registered Users, Registered Users 2 Posts: 166 ✭✭Marty1983


    wayne0308 wrote: »
    Hi,

    I notice that it is possible to send lump sum payments to your BOI mortgage through 365online. I was wondering, do overpayments applied in this way reduce the term or do they reduce the monthly repayments by default?

    Thanks,

    Wayne.

    I believe it’s the term but you are limited to repaying an additional 10% each month when you are on a fixed rate.


  • #3
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Morning Wayne,

    Thanks for getting in touch with us here on Boards.ie

    As correctly mentioned by Marty1983, overpayments will reduce the term of your mortgage. We have an overpayment calculator that you can use here to see what savings you can make. If you are on a fixed rate this would be subject to limits. 

    There are two options for mortgage overpayments:

    A once off payment.
    Regular overpayments which you can set up by calling our Mortgage Admin Team on 01-6113333. 

    Hope this helps and if you have any other questions please let us know.

    Thanks
    Tara


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