PTSB mortgage question

tenifan

Can someone familiar with Open 24, and mortgage overpayments, help me? (I'd ring up open 24, but sadly customer service staff often don't always give out the correct info)

I made a few overpayments on my mortgage as part of their regular overpayment facility. Overpayments apparently create a credit, which reduces interest, and can be used to take a payment holiday.

My screen looks like this (changed the figures but .. you get the picture). In this example, is the outstanding mortgage balance actually €-99000.49, or is it €-96000?

OPEN24 - MORTGAGE SUMMARY
Product Type: HOME LOAN - Variable Rate (LTV)
Status: Loan is active.
Principal Balance: €-99000.49
Arrears / Prepayment: €3000.49 Prepaid


For bonus points, if I add my mortgage account as a payee to open 24, and randomly transfer €100 to it, will it automatically be reflected in the prepayment balance, and will it also automatically reduce the interest charged (as it does for an agreed overpayment)?

Surely someone has to have had the same experience! Thanks!

bibi12345

I used to work in PTSB, any overpayments are a credit on the account and for the purposes of calculating interest it is on the outstanding balance - overpayment. I know you cannot take an overpayment out a later date but you can take a payment break.

Once the overpayment = the outstanding balance your mortgage is paid off.

What you owe the bank is actually 96000.

i often add money to my mortgage account through open24 it takes about 24 hours to be reflected in the prepayment.

So yes it does automatically reduce the interest charged and as interest is charged daily you immediately get the benefit.

hope this helps...

tenifan

Helps greatly, thanks bibi12345!

I didn't like the regular overpayment facility as it was too inflexible. It would be much nicer to be able to the odd couple of hundred off it if I had too much money by the end of the month (not that it happens too often)

Nervous Wreck

tenifan wrote: »

Helps greatly, thanks bibi12345!

I didn't like the regular overpayment facility as it was too inflexible. It would be much nicer to be able to the odd couple of hundred off it if I had too much money by the end of the month (not that it happens too often)

You can cancel the overpayment and make any ad hoc payments you'd like. Same thing will happen.

Deeq76

Hi Im new here, does anyone know if PTSB still do Mortgage holiday payments, ive email the bank manager but he hasnt returned my email?
thanks..

hadook

There's a form you can download from the ptsb website that you fill in and send off to their mortgage people in Stephens Green. I looked into it earlier this year & it seems to be a pretty straightforward process.

Button09

where about on my open 24 page can i add my mortgage account as a payee to open 24 so i can do this overpayment.... i asked in branch before and they said that it couldnt be done so this is great...........Thanks a million

moans3536

Set up a standing order, you will need the iban of your mortgage account.
I set my standing order up for. 10 euro a month and when I want to pay more each month I go in and amend the standing order amount each month,.
To set up standing order.click payments &transferes
On the right click manage, then click standing order and next set up payment.