Thanks, good to know. Hopefully they get an online portal at some point.1. Don't have an online portal for mortgages. KBC don't either
2. About 2 weeks after drawdown I got a letter. The DD date is 1 day short of a month after drawdown. e.g. if you drew down on the 10th, the DD date is the 9th
3. Haven't done an overpayment yet
4. Haven't been with them long enough to say. But the switch process was fairly straightforward
I'm not a customer of Avant's so I can't offer any info apart from pointing out that you can only make a maximum of two overpayments per calendar year:3. What process did you need to follow to make an overpayment?
1. The Overpayment Allowance
1.1 If your loan is on a fixed rate of interest, you will not incur an early
redemption fee if you partially repay your loan early provided that:
(i) you only make up to two payment(s) in any calendar year over and
above the scheduled monthly payment instalments; and
(ii) the total of these overpayment(s) does not exceed a maximum of 10%
of the loan balance as at:
• 1st of January of the calendar year in which the early repayment(s)
are made, or,
• the date of drawdown if the early repayment(s) are made in the first
calendar year of the loan (the “Overpayment Allowance”).
In the meantime, you could setup an excel file to track the amortisation schedule or use Karl's Mortgage Calculator.Thanks, good to know. Hopefully they get an online portal at some point.
Thanks. Do you know if it's possible to arrange a different direct debit date?1. Don't have an online portal for mortgages. KBC don't either
2. About 2 weeks after drawdown I got a letter. The DD date is 1 day short of a month after drawdown. e.g. if you drew down on the 10th, the DD date is the 9th
3. Haven't done an overpayment yet
4. Haven't been with them long enough to say. But the switch process was fairly straightforward
I don’t know but I would say soThanks. Do you know if it's possible to arrange a different direct debit date?
As going on above, mine will be at end of month which I'm not too keen on...
Assuming you change from say the 10th to the 20th of the month, I presume you'll incur 10 days additional interest the first time you make the change?Spoke with Avant Customer Services
0. Date of 1st direct debit after drawdown: one month after drawdown, less 1 day. The 1st monthly payment date is not changeable.
Subsequent direct debit dates are changeable. Process: write in to Avant with instructions. How: Scan a letter with the mortgage account number, the preferred DD date & the signatures of all mortgage holders & email to customerservices@avantmoneymortgages.ie
Note: the mortgage account number is a different number than the application account number on the loan offer, which is no longer used after drawdown.
1. Online portal: None. In pipeline, no ETA (but that has been the status for a while now). Workaround: use Karls Mortgage Calculator
2. Correspondence turnaround after drawdown: Welcome Pack typically arrives about 10 days after drawdown. Includes overpayment a/c details
3. Overpayment: per the The Overpayment Allowance pasted here.
No monthly overpayments. Workaround: save the amount that you would otherwise overpay monthly into a separate account & make 1 or 2 lump overpayments per year in line with the overpayment allowance terms.
Hope this helps.
I assume so but if on a fixed rate with resulting fixed monthly contractual payments I don't see what net effect this change would have. The extra 10 days interest would just accumulate on the balance, no?Assuming you change from say the 10th to the 20th of the month, I presume you'll incur 10 days additional interest the first time you make the change?
Presumably, I've no direct experience though, perhaps someone else here hasI assume so but if on a fixed rate with resulting fixed monthly contractual payments I don't see what net effect this change would have. The extra 10 days interest would just accumulate on the balance, no?
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