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10% overpayment on fixed rate mortgage

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  • 21-06-2018 11:35am
    #1
    Top_Guy
    Registered Users Posts: 37 ✭


    Is this still allowed? I received a letter of offer today saying the following in regards to overpayment -

    Overpayment (lump sum & regular) - over pay your regular mortgage amount, either as a one off lump sum or a set regular amount (this is not available when a fixed rate applies to your loan)

    Reading this, it seems that its it allowed anymore. Can you confirm if this is the case please?


Comments

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    #2
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Hi Top_Guy,

    Thanks for getting in touch with your mortgage query.

    We'll check this for you and come back to you.

    Many Thanks
    Alison


  • Options
    #3
    Top_Guy
    Registered Users Posts: 37 ✭Top_Guy


    Bank of Ireland: Alison wrote: »
    Hi Top_Guy,

    Thanks for getting in touch with your mortgage query.

    We'll check this for you and come back to you.

    Many Thanks
    Alison

    Hi any update on this?


  • Options
    #4
    purpleisafruit
    Registered Users Posts: 508 ✭✭✭purpleisafruit


    Top_Guy wrote: »
    Bank of Ireland: Alison wrote: »
    Hi Top_Guy,

    Thanks for getting in touch with your mortgage query.

    We'll check this for you and come back to you.

    Many Thanks
    Alison

    Hi any update on this?
    I've just applied for a fixed rate mortgage with them and was told that I can pay up to 10% over every month.


  • Options
    #5
    Top_Guy
    Registered Users Posts: 37 ✭Top_Guy


    Bank of Ireland: Alison wrote: »
    Hi Top_Guy,

    Thanks for getting in touch with your mortgage query.

    We'll check this for you and come back to you.

    Many Thanks
    Alison

    Hi any update on this?


  • Options
    #6
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    Top_Guy wrote: »
    Bank of Ireland: Alison wrote: »
    Hi Top_Guy,

    Thanks for getting in touch with your mortgage query.

    We'll check this for you and come back to you.

    Many Thanks
    Alison

    Hi any update on this?







    Hi Top_Guy,

    Thanks for your patience, I've just heard back from our mortgage team now and a     funding fee may apply for lump sums paid off a mortgage while on a fixed rate as this would constitute a break to the fixed contract. However, customers on a fixed rate can make regular overpayments up to 10% of their normal monthly mortgage repayment, or €65 euro, whichever is greater, without incurring a funding fee. Thanks again,
    Darren.


     


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