Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

How does mortgage overpayment work?

Options
  • 29-12-2015 12:56am
    #1
    Lumina
    Closed Accounts Posts: 125 ✭✭


    I am aiming to reduce the monthly outgoing on my mortgage by paying a lump some/several lump sums to bring it down to a certain level. I am on a VARIABLE rate message.

    If I were to transfer 5k or 10k into the mortgage account by online transfer would this automatically result in reduced monthly repayments, reduced term or nothing at all?

    Thank you


Comments

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


    Hi Lumina,

    Thank you for contacting us on Boards.

    You can certainly make extra payments to your mortgage on 365 Online by adding your Mortgage account as a bill payee. To confirm whether the payments you wish to make will affect your monthly repayments or the term, it would be best to call our Mortgage team who can check this for you on your account. You can call our Mortgage team on 01- 611 3333.

    Thanks,
    Sarah


Advertisement