Paying PTSB Mortgage in advance

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PatrickJ

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Let's say for example you have a mortgage repayment of €1,000/PM with PTSB. Can you transfer X amount of monthly repayments in advance into your mortgage account? If so will these repayments be viewed as lump sums rather than mortgage payments simply paid in advance?
 
They appear as a credit on the account and interest is charged on the principal balance minus the overpayment. The mortgage holder can choose to take a break on the mortgage using the built up credit or eventually it will pay off the mortgage.
 
Thank you Smithers, you've answered my question.

The individual in question wanted to transfer twelve months payments in advance from their PTSB current account to their PTSB mortgage account so they could study for one year. I presume there is no need to inform the building bank of this?
 
PatrickJ said:
Thank you Smithers, you've answered my question.

The individual in question wanted to transfer twelve months payments in advance from their PTSB current account to their PTSB mortgage account so they could study for one year. I presume there is no need to inform the building bank of this?
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You would need to transfer the money so the credit is there and then apply for the payment break so you would need to inform them. they will need to stop taking the direct debits
 
Also I believe PTSB have a maximum mortgage credit limit of €10,000.00, if I remember correctly.
 
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