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Mortgage Overpayment query

  • 26-07-2016 7:06am
    #1
    mmooney1983
    Closed Accounts Posts: 73 ✭✭


    Hi all
    I put in the attached data on the BOI website to see how much of a saving we would make with 10% mortgage overpayment.

    Thought it sounded like an easy deal so signed up for it.

    We now have a letter confirming the new amount £273.37 (we pay weekly - so that's with 10% extra).... with an end date of 2049...i.e. 33 years away still!

    I can't figure it out.


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,761 ✭✭✭✭NIMAN


    Will it not be 33yrs minus the 5yr 5 months??


  • #3
    mmooney1983
    Closed Accounts Posts: 73 ✭✭mmooney1983


    That's my query alright - so they have just put the same end date and we should assume 5 years 5 months will be taken off if we keep up these payments?


  • #4
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,761 ✭✭✭✭NIMAN


    Thats what it looks like, if the details on the left are your current situation.

    google for mortgage overpayment calculator and enter the details into another one to see if it gives same results.


  • #5
    wench
    Registered Users, Registered Users 2 Posts: 1,649 ✭✭✭wench


    It sounds like they have scheduled the extra payments, but haven't changed your contract, so you still have 33 years left.
    This is the better option for you. It means you aren't committed to maintaining the overpayment to finish on the new date, you can bring your payments back down if you need to in future.


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