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Standing Order and Mortgage Account

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  • 07-12-2015 1:31pm
    #1
    Gulliver
    Registered Users Posts: 1,026 ✭✭✭


    Hi

    I wanted to overpay our mortgage monthly. There are instructions on how to do so using 365, so I followed those, only to get a reply through 365 inbox to call BOI Mortgages. I did so and I was told that there can only be one Direct Debit into a Mortgage account. (The Direct Debit is currently set on my wife's account and currently has an active overpayment from her account)

    I was then advised to set up a standing order to the Mortgage through 365 as this would have the same effect as a Direct Debit. I registered the account, followed all the instructions and got the message "You cannot set up a Standing Order to this account".

    I rang 365 only to be told I had to do it in branch.

    Before I book time off to visit a branch for this, can you confirm 2 things for me please:
    • Can Standing Orders be set up to a Mortgage Account at all?
    • If I do manage to set up a Standing Order, does it reduce the actual term of the mortgage (as in a Direct Debit overpayment) or does it just reduce the capital and by extension the monthly payments (as in a lump sum repayment?)
    [*]


    What I want to do is reduce the term and not the repayments.

    Thanks
    S


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  • Options
    #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Gulliver wrote: »
    Hi

    I wanted to overpay our mortgage monthly. There are instructions on how to do so using 365, so I followed those, only to get a reply through 365 inbox to call BOI Mortgages. I did so and I was told that there can only be one Direct Debit into a Mortgage account. (The Direct Debit is currently set on my wife's account and currently has an active overpayment from her account)

    I was then advised to set up a standing order to the Mortgage through 365 as this would have the same effect as a Direct Debit. I registered the account, followed all the instructions and got the message "You cannot set up a Standing Order to this account".

    I rang 365 only to be told I had to do it in branch.

    Before I book time off to visit a branch for this, can you confirm 2 things for me please:
    • Can Standing Orders be set up to a Mortgage Account at all?
    • If I do manage to set up a Standing Order, does it reduce the actual term of the mortgage (as in a Direct Debit overpayment) or does it just reduce the capital and by extension the monthly payments (as in a lump sum repayment?)


    [*]


    What I want to do is reduce the term and not the repayments.

    Thanks
    S
    [*]
    Hi Gulliver,

    Thanks for contacting us here on Boards. 

    Yes our rep on the phone was correct, you can certainly set up a standing order to your BOI Mortgage account by calling into your branch. 

    Before you set up the standing order in your branch, it would be best to call our Mortgage team on 01 - 611 3333 to confirm with them that you are setting the standing order up as you wish to reduce the term of the Mortgage and not the direct debit payments from your wife's account. They will be happy to advise you on this.

    I hope this helps and please let us know if we can help with any other query.

    Thanks,
    Sarah


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