Mortgage Type - Repayment & Part Capital

redser7

Hi,

We recently made a one-off lump sum over-payment on our mortgage. We are on a tracker. We made is explicitly clear that we wanted the full sum to come off the Capital and did not want to change our mortgage in any way. We will maintain our current monthly repayments and therefore pay the mortgage off sooner.

We got a letter from BOI confirming agreed changes to our mortgage last week. We didn't expect to hear about any changes. It says that our Mortgage Type is 'Repayment & Part Capital'. Can you explain what this means? Has the bank changed our arrangement?

Thanks!

CeilingFly

Isn't that exactly what you asked for ?

Repayment mortgage is your standard mortgage, now with the overpayment and repayments staying the same, the monthly overpayment goes off the capital. 

Hence repayment and capital. 

redser7

CeilingFly wrote: »

Isn't that exactly what you asked for ?

Repayment mortgage is your standard mortgage, now with the overpayment and repayments staying the same, the monthly overpayment goes off the capital. 

Hence repayment and capital. 

Thanks for the reply. I'm not familiar with the specific term 'Repayment & Part Capital' and searching online gave no results. We wanted to clarify what it meant. Also the letter makes no reference to the over-payment or new balance so we were wondering what change the letter is referring to.

CeilingFly

redser7 wrote: »

CeilingFly wrote: »

Isn't that exactly what you asked for ?

Repayment mortgage is your standard mortgage, now with the overpayment and repayments staying the same, the monthly overpayment goes off the capital. 

Hence repayment and capital. 

Thanks for the reply. I'm not familiar with the specific term 'Repayment & Part Capital' and searching online gave no results. We wanted to clarify what it meant. Also the letter makes no reference to the over-payment or new balance so we were wondering what change the letter is referring to.

It is exactly what it says, and it's exactly as you requested, so I wouldn't be concerned at all. 

redser7

Thanks!

Bank of Ireland: Lorna

Hi redser7,

Thank you for messaging us.

If you have any concern with any payment or document you receive from ourselves you can contact our Mortgage department on 016113333 and our Mortgage specialists will be happy to go through this with you.

Thanks,

Lorna

redser7

Thanks Lorna.