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Does overpayment affect 1% cashback

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  • 01-03-2019 11:03am
    #1
    Top_Guy
    Registered Users Posts: 37 ✭


    Hi there.

    Does setting up a 10% overpayment on my mortgage affect my 1% cashback in 5 years time?

    I am allowed to setup the overpayment (I have checked with mortgage department about this) - however when I asked if the overpayment would affect the overpayment they referred me to the special conditions of my letter of offer.

    The letter of offer makes no mention of an overpayment, the only line that seems like it could refer to an overpayment is the following -

    "The Loan originally drawn down less scheduled repayments must still be owing on the fifth anniversary of the draw down date;"

    This makes me think that an overpayment will affect the 1% cashback. Can you please confirm whether this is or is not the case?


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    #2
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi Top_Guy,

    Thanks for your post and sorry for the delay while we were checking this out.

    Overpayments do not affect payment of the additional 1% Cashback in 5 years for qualifying customers.

    Thanks
    Tara


  • Options
    #3
    fungie
    Registered Users Posts: 693 ✭✭✭fungie


    Bank of Ireland: Tara wrote: »
    Hi Top_Guy,

    Thanks for your post and sorry for the delay while we were checking this out.

    Overpayments do not affect payment of the additional 1% Cashback in 5 years for qualifying customers.

    Thanks
    Tara
    Hi,

    Does this mean, If someone was to pay a lump sum off the mortgage during the fixed term (incurring a breakage fee if required), they still gets the cash back once the loan is still outstanding on the 5th drawdown anniversary date?


  • Options
    #4
    Bank of Ireland: Richard F
    Closed Accounts Posts: 483 ✭✭Bank of Ireland: Richard F


    Hi Fungie,

    Thanks for getting back to us. 

    In relation to the 1% cashback on the 5th anniversary, once you held a current account with us at the time of your application you are eligible for the payment within 45 days of the 5th anniversary of your mortgage drawdown provided that: 

    The Mortgage account is still open on that date.
    All scheduled payments have been made (If an agreed moratorium was taken this will not affect entitlement).
    You continue to reside in the property as your main residence. 

    We hope this information helps.


    Thanks,
    Richard


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