The Oggster
Registered User
- Messages
- 177
I know you said in another thread that you prefer reducing the term but in my opinion you're better off reducing the monthly repayment.I was contacted by AIB saying an overpayment I recently made will NOT go off the term as instructed, instead it will decrease the monthly repayments. I will need to wait until 2027 until fixed term ends
This is the correct way to do it - improves your free cash flow if needed and the term is reduced anyway at the end.I know you said in another thread that you prefer reducing the term but in my opinion you're better off reducing the monthly repayment.
We pay extra every month off our mortgage. We receive a letter a while later saying that the break fee is zero and our new monthly payment is €XXX. If you keep over paying, you will pay off your mortgage early anyway. But I have an option to not overpay some months if I need the money for something else. If I had shortened the term I'm stuck paying the higher amount.
You can also increase your overpayment every month by the amount the scheduled payment has reduced.
You took out your mortgage in 2021 so the rates are now higher. You can pay as much as you like and as often as you like without a fee.Hi
I am on 5 years fixed mortgage with AIB ending in 2026.
Apart from 5 thousands, can I pay extra monthly ?
My worry is will they make me kick out of current fixed rate and take me another one which is way higher interest or no?
Thank you so much . If I pay more, can they make me take another fixed mortgage rate or will my current one remain the same
Do you mean 1100 here?Each month you manually transfer an extra 100 to your mortgage, so you are paying 1,000 per month in total. If you keep doing that, you'll have it paid off in 20 years, instead of 23.
RedOnion was making the point that if your current scheduled payment is 1000 a month and you pay a lumpsum, which reduces your scheduled payment to 900, then you can pay the 100 as an extra payment each month so your actual payment remains at 1000.Do you mean 1100 here?
I’m not sure if it still remains but if possible overpay the balance of this years €5000 and repeat starting early next yearSo I have AIB green mortgage fixed at 2.1% for 5 years. Taken out November 22
I have overpaid monthly since I drew down and always got the standard letter ‘there has been no penalty for this payment ‘letter
Today I received letter for recent overpayment and it seems they have calculated my last 2 overpayments and taken that off the new allowed 5.000 and informing me I’ve another 4290.00 before the end of the year to be in for the current overpayment allowance
Any additional overpayment may result in an overpayment charge as per my terms and conditions
I presume that as my terms and conditions allowed me to over pay with no fee due to the way they calculate this, this still remains??
At 2.1% rate, I don't think you need to worry about the 5K limit they introduced earlier in the year (which was supposed to be an added bonus - Probably for most people who signed up with much higher rates).So I have AIB green mortgage fixed at 2.1% for 5 years. Taken out November 22
I have overpaid monthly since I drew down and always got the standard letter ‘there has been no penalty for this payment ‘letter
Today I received letter for recent overpayment and it seems they have calculated my last 2 overpayments and taken that off the new allowed 5.000 and informing me I’ve another 4290.00 before the end of the year to be in for the current overpayment allowance
Any additional overpayment may result in an overpayment charge as per my terms and conditions
I presume that as my terms and conditions allowed me to over pay with no fee due to the way they calculate this, this still remains??
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?