Difficulty overpaying mortgage

M

monkeyboy

Registered User
Messages
668
Hi

Its now time for me to start o/p my mortgage as I had always planned now that alot of things have settled and I know what I cann afford to overpay.

I tried to do this this morning and I was told that it can only be done in branch. BOI in this instance.
Should there be any logical reason why this cannot be done on line like everything else?
( indeed the banks encourage online banking )
... or is this to deliberately make this procedure more difficult so you dont do it as often as you may? in the banks interest.........

Anyone any experience of this with other lenders or BOI.
Why can I pay money to a friends acc, pay my gas bill or my credit card online but not my mortgage.:mad:
 
I did this with EBS and simply wrote to them asking them to fix my repayments at a specific amount by changing the DD amount drawn down until further notice and to use additional money to reduce the capital outstanding and thereby reduce the effective term and there was no problem. I can't see why other lenders can't do the same.
 
I don't have any answers for that but I'm interested in it. I thought BOI told me that (informaly when taking out mortgage) I could pay lump sums to it, can you also increase the monthly payments by say €50 or €100?
 
monkeyboy - are you trying to make regular overpayments or individual lump sum overpayments? I did both with EBS with no hassle. Now that I think of it I probably did the lump sum overpayments in branch by cheque but I don't know if they actually required that and I can't imagine that they would have turned away a cheque posted in with clear instructions.
 
My current account is wth Bank of Ireland and my mortgage is with EBS. I use online banking to make additional once off payments to my mortgage using 365online. I do have to notify EBS when I want the money to be deducted from the Capital sum borowed otherwise it just sits there as a credit. I had no problem setting this up even though EBS is not in the Banks clearing sytem. You should go back and ask again!
 
I want to "casually" o/p any time I feel I have spare cash. Sitting down at end of week / month with spare cash and just "wire" it across.


1st off I want to do frequent and small transfers, the sums that realistically, Im not going to go to the bank branch to do.
At the end of the day seems like a way of stifling frequent, overpaying of a mortgage deliberately. As I said you can do any multitude of transactions on line.

2nd off I want to lodge a large lump sum, which is in another BOI acc, so why I have to go in branch to do this baffles me.

CM so with EBS can you o/p any sum any time online?

This is waht I want to do.
cheers
 
monkeyboy said:
CM so with EBS can you o/p any sum any time online?
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I don't know. I never used online banking to do this. I just arranged regular and lump sum overpayments in the ways described above. I'm not recommending EBS by the way - just recounting my past experience in this area.
 
Possibly the simplest way to overpay would be to set up a variable standing order mandate from your current account to your mortgage account - to run alongside the direct debit for the standard monthly payment. In this way you *should* be able to overpay as and when you wish. Do make your instructions crystal clear to both your lender and bank and get written acknowledgement of receipt.

Sarah

www.rea.ie
 
I have registered my EBS Mortgage on my BOI online account so whenever I have spare cash I just transfer the money electronically. I think this is what you want to do? You just get all your details from EBS and call banking 365 (BOI) to set it up. There are IBAN codes and reference numbers and all sorts but once you have set it up initially your details are saved and it is as easy as any other transfer after that!
 
sheena1 said:
I have registered my EBS Mortgage on my BOI online account so whenever I have spare cash I just transfer the money electronically.
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That will get the money into your mortgage account but are you 100% certain that they will use additional repayments/overpayments to reduce the capital outstanding and that they will not by default just keep such payments as a reserve on deposit to be used, for example, if you ever missed repayments? You need to get it in writing that they are going to use additional payments to reduce the capital balance outstanding otherwise you might not be getting the benefit that you expect from overpayments.
 
I do have to notify EBS when I want the money to be deducted from the Capital sum borowed otherwise it just sits there as a credit. !
Click to expand...

I just send a one liner fax to the EBS.
 

Yes that is exactly what I want to do but my mortgage is a BOI mortgage.
So what this is telling me is that you can transfer from BOI current acc to EBS mort acc BUT BOI will not allow me to transfer from my current acc to my mort acc.....
So it can be done but they are making it difficult.....why?
So we take less advantage of situations to clear our loans?
 
Huh? So you have BoI account and BoI mortgage but you can't transfer funds? Did you actually call Banking365 because you need to do this to set it up? Did somebody in the branch tell you its not possible or was it banking365? Did you click on the button that says "register a mortage"?
 
Yeah I have reggistered the mortgage so I will be bale to "view" it in 3-5 working blah blah.....
But they (365 online operator after speaking to a superviser) specifically told me I could not electronically transfer money to it. I had to go into a branch ( any branch to my convenience ! ) to do this.

This is craziness then compared to your scenario. Ill ring them back later and log a query/complaint and followit thtough til I can do what I want with my money in my accounts.

cheers
 
I have my mortgage with aib. To overpay iregular payments before you had to go into the branch. Aib have introduced standing orders online.
You can set up say one for 10 a month and then change it to any amount and you can also change the date. I am sure this could be done weekly too.You should check if boi do standing orders online.
 
I have a small investment mortgage with AIB and in order to make once-off overpayments payments I have to do this through the branch. I tried to do this on-line to no avail.

I wrote to AIB home mortgages (whom I think are now a seperate company?) and requested them to increase my monthly repayment to an amount that suited me.

To make any more once-off overpayments I will still have to go into the branch to do it.
 
UB do not allow you to overpay your mortgage at all apart from one annual lump sum payment.....
 
Even a variable/tracker owner occupier mortgage? I thought that they could not disallow this?
 
I have an Ulster Bank tracker mortgage. I'm making regular monthly overpayments to it, and have also made large one off payments into it. You need to put it in writing.
 
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