Have you checked with AIB if there will be a break fee/early redemption charge if you make this overpayment?Partner wants to make an overpayment but the overpayment form says non-AIB account holders need to pay by bank draft. Is that true or can we overpay just by transferring money to the mortgage account?
Have you checked with AIB if there will be a break fee/early redemption charge if you make this overpayment?
consider switching to fixed, due to the way the calculation works out with AIB, you could get cheaper rate with fixed (3 years, 5 years or green 5 years) as well as making overpayment without penalty. (I switched to fixed in June with AIB and have been overpaying for the last 2 months without penalty charge)
Have a read of this thread, it should become clearer to you how it works
Overpayment / re-fix flexibility of AIB's green 5yr fixed rate (and some other rates)
Moderator's note: Because of a quirk in how AIB calculate their break fee / early redemption charge, you can make unlimited overpayments on some of their fixed rates without penalty. Or you can break out of your existing AIB fixed rate and re-fix on a different rate, again without penalty. (You...www.askaboutmoney.com
Hope this helps.
Exactly, it's unlikely that there would be a break fee/early redemption charge (for the foreseeable future) if you make an overpayment or clear the mortgage early while you are the green 5-year fixed rate. Here is the mortgage amendment form if you decide to fix.It’s A2 but we are planning to clear it within a couple of years so we might not fix. Although it sounds like we could fix for 5 years and pay it off in a year or 2 and still not pay overpayment charges.
It’s A2 but we are planning to clear it within a couple of years so we might not fix. Although it sounds like we could fix for 5 years and pay it off in a year or 2 and still not pay overpayment charges. We have done everything else on your list.