Paying lump sum off mortgage - procedure

One_Of_Shanks

Hi,

I will be looking to pay a lump sum off my mortgage in the coming weeks.

Can you please tell me how do I go about this?  Do I need to contact my local branch or the main BOI mortgages dept?
And can it all be transferred online to you or will i need to get a bank draft?

And if its got to be a bank draft then must both account holders names be signed on the draft?

Bank of Ireland: Sharon

Hi One_of_Shanks,

Thanks for getting in touch with us here on Boards. 

You can make a lump sum payment to your Mortgage Account through Banking 365 Online by adding your mortgage account as a payee under the 'Bill' option.

Please note, there is a max daily limit of €20,000 for transfers when you receive the payee security code by post or €10,000 if the security code is issued via text message.


If you wish to discuss your options further, please contact our Mortgage Team on 01 6113333 and an Advisor will be happy to help. 


Thanks,

Sharon

One_Of_Shanks

Thanks!

Pkiernan

One_Of_Shanks wrote: »

Thanks!

You should find out whether your lump sum will reduce the term of the mortgage or if it will reduce the monthly payment and keep the term the same.
Most banks will default to payment reduction unless instructed in writing to do otherwise.