BOI overpayment rules changed?

[DublinHead54]

Hi,

On BOIs self service mortgage portal under the overpayment section I noted the following statement.

"If you are on a fixed rate you can overpay up to 10% of your normal monthly repayment (or €65, whichever is greater), without incurring a fee.

However, I thought it was 10% of the outstanding amount when I drew down the mortgage. I was previously overpaying more than 10% of monthly payment and they never mentioned fees.

Did this recently change?

 

[Dr Strangelove]

However, I thought it was 10% of the outstanding amount when I drew down the mortgage.

Certainly never in the 10+ years I’ve had a BoI mortgage. Always 10% of the regular amount.

I was previously overpaying more than 10% of monthly payment and they never mentioned fees.

I overpay by 13% a month and have done for years. The rate came down twice so a 10% overpayment became 13%. There has never been talk of a fee, I don’t think it’s monitored that closely TBH.

 

[Tara10]

Hi
May I ask how this is paid please as I have just switched to them this week from the nasty Pepper thank you

 

[Dr Strangelove]

May I ask how this is paid please as I have just switched to them this week from the nasty Pepper

Ring BoI up and ask them to adjust the payment.

 

[Tara10]

Thank you

 

[The Oggster]

If the rates have risen since you fixed your mortgage, then there will likely be no fees due. This may be why you have been able to pay extra with no fee.

I'm not sure which rate BOI use, market rate, cost of funding etc. but the break fee is basically to cover any loses of you leaving one fixed rate and fixing again. There should only be a fee due if rates have dropped.