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Standing Order - Mortgage Overpayment

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  • 01-03-2021 11:43am
    #1
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭


    I have 2 x mortgages against the one property with Bank of Ireland (originally a portion was on a fixed rate, and a portion was on a variable rate - it's been a few years and both are now on fixed rates, at different rates).

    The mortgage overpayment rules state I can pay the greater of 10% or 65eur an overpayment without penalty.
    In my case, 65eur would be the greater on both of them.

    Can I set up a standing order to pay 65 per month to each of these without penalty? 
    The website says to request a callback... but I don't really need to formally set up something do I? I can just set up a standing order my end and cancel it at any time I choose?


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    #2
    Bank of Ireland: Eve
    Closed Accounts Posts: 309 ✭✭Bank of Ireland: Eve


    Hi there, thanks for getting in touch with us here on Boards.ie. 

    In this case we'd advise contacting our Mortgage Team directly on 016113333 and a Mortgage Advisor would be able to discuss this with you further and offer further guidance. 

    I hope this helps. If you've any further queries please don't hesitate to get back in touch with us here, we'll certainly do our best to help. 

    Thanks, Eve 


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    #3
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn


    Called that number, got sorted thank you.

    For the interest of anybody in a similar situation;

    Even though it was one mortgage taken out on a single property, split into 2 portions (initially a variable and fixed portion, now both are fixed) it is considered by the bank as 2 separate mortgages.

    This is beneficial to me from the point of view that I can overpay on both of them, the combined penalty free overpayment limit is almost twice what it would have been otherwise. 


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