Bank of ireland mortgage app/online

dev_ire

Hi,

possibly a stupid question. Can you see your BOI mortgage in 365 online or via the app? Maybe it only shows up after first payment? Do you need to register for it?

enrique66_35

You need to add the account by going through the add account process under Services in 365 online or the app. Be advised that it shows a balance only and you can't see the transactions like you would with say a current account. Still handy to know the balance at any given time and can see when interest is applied (quarterly).

dev_ire

Thanks, can you pay into this account as in to overpay?

enrique66_35

dev_ire wrote: »

Thanks, can you pay into this account as in to overpay?

Yes but be sure that it is permitted by the terms of your mortgage, i.e. if you're on a fixed rate or overpayments are not allowed then you will be penalised for doing it. :rolleyes:

Check your loan offer and any other docs you have to be sure the amount you're planning to pay doesn't breach the terms - there's usually a cap on the max you can overpay, like 10% of the monthly payment.

To answer your question, the website/app allow it but use with caution!

dev_ire

enrique66_35 wrote: »

Yes but be sure that it is permitted by the terms of your mortgage, i.e. if you're on a fixed rate or overpayments are not allowed then you will be penalised for doing it. :rolleyes:

Check your loan offer and any other docs you have to be sure the amount you're planning to pay doesn't breach the terms - there's usually a cap on the max you can overpay, like 10% of the monthly payment.

To answer your question, the website/app allow it but use with caution!

Thanks, have you done this? i don't see the account as an option in the send money page. I see it on my main page as in the account number and balance though.

fungie

enrique66_35 wrote: »

Yes but be sure that it is permitted by the terms of your mortgage, i.e. if you're on a fixed rate or overpayments are not allowed then you will be penalised for doing it. :rolleyes:

Check your loan offer and any other docs you have to be sure the amount you're planning to pay doesn't breach the terms - there's usually a cap on the max you can overpay, like 10% of the monthly payment.

To answer your question, the website/app allow it but use with caution!

You are able to over pay 10% with no charges. Also, the charges are generally always lower than the amount you save in interest. I checked recently and it was 0.9%, let's call it 1% for simplicity.

For example, if you over pay by 100 eur more than allowed fixed payment, it will cost you a euro. Assuming an interest rate of 2.8% and 3 years left on fixed term, you would save 8.40 in interest over that time. So net savings are 7.40. If you do this every month.. adds up!

on_the_roots

Generally you are allowed to overpay 10% of the balance of your mortgage.

Say you have a balance of 300k on a mortgage in 2021. Then you can overpay up to 30k throughout the year 2021, either overpaying monthly or one lump sum payment at the end of the year (the best option, save the money every month on a good investment and get interest rates on top of this).

fungie

on_the_roots wrote: »

Generally you are allowed to overpay 10% of the balance of your mortgage.

Say you have a balance of 300k on a mortgage in 2021. Then you can overpay up to 30k throughout the year 2021, either overpaying monthly or one lump sum payment at the end of the year (the best option, save the money every month on a good investment and get interest rates on top of this).

This is incorrect for Bank of Ireland. For Ulster Bank, yes.