AIB mortgage over-payments

celticbhoy27

pasquale83 wrote: »

thanks bk!

Hey guys jumping in on a very informative thread. Fair play all. My question is this. I've moved bank from boi to aib, solely because I have mortgage with aib. I've linked my accounts (just in last few mins actually)so when I log on I can now view both my current account and my mortgage account. Trouble is when I click on "transfer between my accounts" the mortgage doesn't come up? Does it take a bit to register as my account even though it's showing up when I log in?

Alun

There's a type of AIB mortgage called a "Finance & Leasing" mortgage which you cannot make online payments to for some reason best known to AIB. You'd have to contact AIB to find out if this is the case, but I think it depends on the bank sort code associated with the account. I have one that I can make online payments to and the sort code for that is 93-03-50, so if yours is different to that it's possible it's one of the "Finance & Leasing" ones.

celticbhoy27

Alun wrote: »

There's a type of AIB mortgage called a "Finance & Leasing" mortgage which you cannot make online payments to for some reason best known to AIB. You'd have to contact AIB to find out if this is the case, but I think it depends on the bank sort code associated with the account. I have one that I can make online payments to and the sort code for that is 93-03-50, so if yours is different to that it's possible it's one of the "Finance & Leasing" ones.

Bollix. That's exactly what it is - a finance and leasing account. Why do they have 2 types of account?

Alun

celticbhoy27 wrote: »

Bollix. That's exactly what it is - a finance and leasing account. Why do they have 2 types of account?

I don't know what the difference is to be honest.

celticbhoy27

Ok for those that are on the f&l mortgages like myself and can't transfer directly to their account. I got the following message

you wish to make a lodgement into your F&L mortgage account you can do this in the following ways.

1. Transfer your required sum to 930059 99911032. This is our workings account for receiving F&L mortgage transfers. Please note the narrative of you lodgement to this account should be you F&L Mortgage account number so that we can correctly allocate the funds down onto the F&L account.

---

Iban: IE08AIBK93005999911032

2. Send in a cheque payable to AIB for the amount you wish to lodge with the F&L mortgage account number written on the back.



Please note the standard process when funds are lodged is to reduce the monthly repayment value, however if you require this to remain approximately the same a term reduction request will need to be submitted. This term reduction request must be signed. We can accept scanned copies in attachments to this address if you so choose or alternatively our postal address (for cheques also) is



F&L Mortgage Accounts

Home Mortgages Operations

2nd Floor, Adelaide Road, D2.









AIB new logo



F&L Mortgage Accounts

Home Mortgages Operations

2nd Floor, Adelaide Road, D2.



We put our customer first | We are better together | We are empowering | We are building trust and appreciation | We keep it simple

celticbhoy27

celticbhoy27 wrote: »

Ok for those that are on the f&l mortgages like myself and can't transfer directly to their account. I got the following message

you wish to make a lodgement into your F&L mortgage account you can do this in the following ways.

1. Transfer your required sum to 930059 99911032. This is our workings account for receiving F&L mortgage transfers. Please note the narrative of you lodgement to this account should be you F&L Mortgage account number so that we can correctly allocate the funds down onto the F&L account.

---

Iban: IE08AIBK93005999911032

2. Send in a cheque payable to AIB for the amount you wish to lodge with the F&L mortgage account number written on the back.



Please note the standard process when funds are lodged is to reduce the monthly repayment value, however if you require this to remain approximately the same a term reduction request will need to be submitted. This term reduction request must be signed. We can accept scanned copies in attachments to this address if you so choose or alternatively our postal address (for cheques also) is



F&L Mortgage Accounts

Home Mortgages Operations

2nd Floor, Adelaide Road, D2.









AIB new logo



F&L Mortgage Accounts

Home Mortgages Operations

2nd Floor, Adelaide Road, D2.



We put our customer first | We are better together | We are empowering | We are building trust and appreciation | We keep it simple

I lodged a test sum of 50 euro today. I'll let ye know when it shows on my account

wandatowell

I just write them a cheque with a letter asking them to deduct the amount from my mortgage.

celticbhoy27

wandatowell wrote: »

I just write them a cheque with a letter asking them to deduct the amount from my mortgage.

Do you know how long it takes to hit your account?

pasquale83

bk wrote: »

Yes, this is exactly what I did. Paid off the lump sum, stayed on option 1, but then set up a separate standing order to overpay the difference between what I was previously paying and the new lower payment.

If you keep up this overpayment, then effectively the mortgage will be paid off much sooner, the same as option 2.

This is by far the most flexible way to go IMO. Much easier to just drop the overpayment if you have a life change *, then ask the bank to extend the mortgage again.

* I wouldn't change it unless you had a major life change. That is why I set up a standing order to do it so I'm less tempted to just randomly change it.

I was just thinking. how do you deal with the fact that to keep the amount fixed at what you were paying before the lump sum logement you need to manually increase the monthly overpayment every month?

I mean, when you overpay monthly and you stay on option 1, the monthly repayment will go down automatically (of a very small amount every month) so you need to compensate for this.

bk

pasquale83 wrote: »

I was just thinking. how do you deal with the fact that to keep the amount fixed at what you were paying before the lump sum logement you need to manually increase the monthly overpayment every month?

I mean, when you overpay monthly and you stay on option 1, the monthly repayment will go down automatically (of a very small amount every month) so you need to compensate for this.

You are correct. Every 6 months I review all my finances, bank accounts, bills, etc. to make sure I'm getting best value on bills (negotiate with Virgin for discounts, etc.). When I do this, I also adjust the amount of the standing order up. To be honest, I often increase it by more then it has gone down over the last 6 months, as a way of saving.

As you say, the amount it goes down by is very small every month, so I wouldn't stress too much about it. Even adjusting the amount once a year would be fine IMO.

pasquale83

bk wrote: »

You are correct. Every 6 months I review all my finances, bank accounts, bills, etc. to make sure I'm getting best value on bills (negotiate with Virgin for discounts, etc.). When I do this, I also adjust the amount of the standing order up. To be honest, I often increase it by more then it has gone down over the last 6 months, as a way of saving.

As you say, the amount it goes down by is very small every month, so I wouldn't stress too much about it. Even adjusting the amount once a year would be fine IMO.

thanks again!

celticbhoy27

celticbhoy27 wrote: »

I lodged a test sum of 50 euro today. I'll let ye know when it shows on my account

Ok so logged into my account today and the 50 euro is showing up on the account. Lodged wed so two days. Not bad. Will make larger sums in coming weeks

gordongekko

celticbhoy27 wrote: »

Ok so logged into my account today and the 50 euro is showing up on the account. Lodged wed so two days. Not bad. Will make larger sums in coming weeks

Contact aib and confirm that the balance is actually reduced and calculated. Daily. There is a chance that this additional lodgement does not count.

celticbhoy27

gordongekko wrote: »

Contact aib and confirm that the balance is actually reduced and calculated. Daily. There is a chance that this additional lodgement does not count.

Have been liaising with them for weeks, all done. I have opened an aib current account and merged the two together so I can view the real time balance of my mortgage. My plan is to throw lump sums at it to reduce my LTV to <50%. I will then switch to ebs for their 2% cashback. Stay with them for a few months (not obliged to do so) and switch back to aib to avail of the lower LTV rate as a new customer