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Mortgage Overpayment

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  • 24-10-2022 11:53am
    #1
    Registered Users Posts: 1


    Hi,

    BOI offer the flexibility to overpay up to 10% on top of the monthly repayments of their fixed mortgage.

    Please let me know which of the following ways is each monthly overpayment applied by the bank:

    - the extra payment is subtracted from the outstanding balance of the mortgage, thereby paying off only the principal portion of the mortgage

    - the extra payment is used partly to pay off the interest portion of the loan and the rest towards the principal (exactly like the regular payments do)

    Thank you



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