Overpaying a fixed rate mortgage

An Cigire

“BOI will allow you to overpay by up to 10% or 65 euro whichever is higher. In my case it would reduce the loan term by 2.5 years and reduce overall interest considerably.”

I read the above on a post on boards. I remember one of your colleagues telling me I could over pay by this amount monthly I’m just curious does the extra amount come off the principle or just the interest?

Cheers

Bank of Ireland: Darren

An Cigire wrote: »

“BOI will allow you to overpay by up to 10% or 65 euro whichever is higher. In my case it would reduce the loan term by 2.5 years and reduce overall interest considerably.”

I read the above on a post on boards. I remember one of your colleagues telling me I could over pay by this amount monthly I’m just curious does the extra amount come off the principle or just the interest?

Cheers

Hi there,

Thanks for getting in touch with us here.
This over payment would reduce both the interest and the principle of the mortgage. It would be exactly the same as the regular payments you make to your mortgage.
Thanks again,
Darren.

An Cigire

Is it possible to direct that the overpayment come solely off the capital?

Bank of Ireland: Alison

An Cigire wrote: »

Is it possible to direct that the overpayment come solely off the capital?

Thanks An Cigire for coming back to us.

When you make an overpayment, these will directly be paid to the capital balance.

You may find this information here useful. If you have a fixed rate on your mortgage, the Team will be happy to help with further advice on 1890 818 522.

Hope the information helps,

Many Thanks
Alison

An Cigire

Thanks Alison, I spoke with them and got sorted.

Cheers

Bank of Ireland: Alison

Brilliant, thanks for the update  

Alison