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

Switching mortgage - reduce term

  • 13-06-2016 12:57pm
    #1
    lawred2
    Registered Users, Registered Users 2 Posts: 24,422 ✭✭✭✭


    When switching mortgage for a much better rate - is it possible to ask for a reduced term as well?

    Not really seeking a reduction in repayments - more a reduction in the outright length of the mortgage.


Comments

  • #2
    scot1964
    Registered Users Posts: 35 ✭scot1964


    A new / remortgage is the same as any other - providing you meet all their lending criteria you decide how much to borrow and over what period.


  • #3
    iainBB
    Registered Users Posts: 460 ✭✭iainBB


    Better to stay long and over pay each month. More flexible that way.


  • #4
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    The longer the mortgage term, the more interest you will pay so if you can pay extra each month you can pay it back quicker but only if you are on a variable rate, not a fixed rate.


  • #5
    lawred2
    Registered Users, Registered Users 2 Posts: 24,422 ✭✭✭✭lawred2


    PaulM1977 wrote: »
    The longer the mortgage term, the more interest you will pay so if you can pay extra each month you can pay it back quicker but only if you are on a variable rate, not a fixed rate.

    actually BOI allow overpayments on a fixed rate


  • #6
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    To a maximum of €65.00 a month.


  • Advertisement
  • #7
    lawred2
    Registered Users, Registered Users 2 Posts: 24,422 ✭✭✭✭lawred2


    PaulM1977 wrote: »
    To a maximum of 65.00 a month.

    [*]For fixed rates the maximum monthly overpayment is 10% of the monthly mortgage repayment, or 65 euro, whichever is greater.

    If 10% is 200 does that not mean that the max monthly overpayment is 200?


  • #8
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    I would suggest giving them a call to clarify, 01 6113333, as it states on their website that €65.00 is the max when on fixed rate but doesn't say anywhere that you can pay up to 10% of the standard monthly mortgage repayment.


  • #9
    lawred2
    Registered Users, Registered Users 2 Posts: 24,422 ✭✭✭✭lawred2


    PaulM1977 wrote: »
    I would suggest giving them a call to clarify, 01 6113333, as it states on their website that 65.00 is the max when on fixed rate but doesn't say anywhere that you can pay up to 10% of the standard monthly mortgage repayment.
    https://personalbanking.bankofireland.com/borrow/mortgages/mortgage-overpayment/


  • #10
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    Comes up as "request a callback" on their website


  • #11
    lawred2
    Registered Users, Registered Users 2 Posts: 24,422 ✭✭✭✭lawred2


    PaulM1977 wrote: »
    Comes up as "request a callback" on their website

    scroll down

    under what is a regular overpayment?


  • Advertisement
  • #12
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    Aah, I see, thanks for that. That's very interesting to know, thank you.


Advertisement