Mortgage Overpayment

BOI_Potential_Customer

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

Bank of Ireland: Megan

https://www.boards.ie/discussion/2058268800/mortgage-overpayment

Hi,

Thanks for getting in touch with us here.

For information in relation to our mortgage flexi options, please see this link:

Mortgage Flexi-Options - Existing Mortgage - Bank of Ireland

For further assistance, you can request a call back from our mortgage team through that link also.

Thanks, Megan

bricks

It would have to pay off the outstanding balance, over payments always do.

You can't overpay interest, you only pay the interest due each month.