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Keeping same repayments after lump sum on fixed term mortgage

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  • 05-02-2019 8:04am
    #1
    s7ryf3925pivug
    Closed Accounts Posts: 4,007 ✭✭✭


    I paid off a lump sum on my fixed term mortgage. I opted to keep the same monthly repayment amount. I received a letter indicating that my monthly repayments were proportionately reduced, with the blurb about penalties for overpayment.

    My understanding of this is that I will be liable to be penalised every month I continue the original payments. Can you confirm this? Can you also confirm that there is no option to reduce term instead of repayment?


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


    Hi blergh

    Thanks for getting in touch with us this morning.

    Our advice would be to contact the Mortgage Overpayments Team directly and they can check the details of the letter you received and explain how the overpayment will work in your case on your mortgage. The Team will be happy to take your call on 1890 818 522 and clarify and assist with all your questions.

    Many thanks
    Alison


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