Is there a penalty if I overpay a tracker mortgage?

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005404

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Currently on a bank of Ireland tracker. Is this the same as a variable rate mortgage in relation to overpayments? With the rising rates I am considering overpaying as Fixing not an option. Thanks in advance
 
@005404 Are you now renting out the property that the tracker mortgage is on?

Please post your tracker details in this thread:

Key Post - I have a Bank of Ireland tracker – should I consider fixing?

Moderator's note: If you want to ask whether you should fix or not (or switch to another lender), please provide the following information: 1) Existing tracker margin. (This is set in your mortgage contract.) If your tracker margin is 1%, please state it in the following format to avoid...
www.askaboutmoney.com
 
Paul F said:
@005404 Are you now renting out the property that the tracker mortgage is on?

Please post your tracker details in this thread:

Key Post - I have a Bank of Ireland tracker – should I consider fixing?

Moderator's note: If you want to ask whether you should fix or not (or switch to another lender), please provide the following information: 1) Existing tracker margin. (This is set in your mortgage contract.) If your tracker margin is 1%, please state it in the following format to avoid...
www.askaboutmoney.com
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No, just have a low balance and was hoping to overpay to finish rather than fix as planning on clearing as soon as possible.
 
Well, a low balance doesn't stop you fixing with BOI. But if you fix you might face penalties for making overpayments.
 
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