AIB Mortgage overpayment electronically

[Paul F]

If your break fee is zero, confirmed by AIB, and if you were lucky enough to have the cash to pay off the total, can you just do that electronically from your current account - or are there any other formalities you need to consider when you pay off the full mortgage electronically rather than just paying off a lump sum ?

I don't see why you couldn't do that. There is a deeds release fee (I don't remember exactly what it is called) but that is usually less than €50, and I'm sure AIB would get in touch with you about it in due course.

Remember that overpaying your mortgage/reducing your balance may not be the best use of your money. Your priorities should usually be:

• Paying off expensive debt (credit cards, personal loans, car loans, etc.)
• Building up an emergency fund in a savings/current account (3 to 6 months' living expenses)
• Saving money for any expenses you will have over the next few years (kids; childcare; adult children going to college, etc.)
• Maxing out your pension contributions (very large tax relief is given)
• Overpaying your mortgage

 

[Rasputin]

I don't see why you couldn't do that. There is a deeds release fee (I don't remember exactly what it is called) but that is usually less than €50, and I'm sure AIB would get in touch with you about it in due course.

Remember that overpaying your mortgage/reducing your balance may not be the best use of your money. Your priorities should usually be:

• Paying off expensive debt (credit cards, personal loans, car loans, etc.)
• Building up an emergency fund in a savings/current account (3 to 6 months' living expenses)
• Saving money for any expenses you will have over the next few years (kids; childcare; adult children going to college, etc.)
• Maxing out your pension contributions (very large tax relief is given)
• Overpaying your mortgage

Thanks for that, just something that may come up in the next few months, and would be good to know as you dont have much time to act once you get your break fee notice.
I actually rang them just there too, and confirmed it is possible, release fee was €60 (nothing escapes inflation it seems )