Difficulty overpaying mortgage


I am in exactly the same position - BOI current account and BOI mortgage. The terms of the mortgage allow additional payments to be made and offset against the capital. Towards the end of last year I wanted to set up a facility such as that you describe. I was told explicitly by Banking365 that it is not allowed. You can't do it online either. And yes, I also have my mortgage registered so that the balance is visible from my current account.

Previously I asked the bank manager who set up our mortgage to send me a fax indemnity form which I could fill out and which would subsequently allow me to fax them instructions saying "Pay X from my current account against the capital part of my mortgage". The form didn't arrive. I phoned about it a second time. It still never arrived.

It looks like it might be a 'best practice' from the bank's point of view, to maximise the amount of interest borrowers pay.
 
Hey mamma...you are in the exact same situation as me aslo it seems. Im gonna make a cranky call now ! This does seem like an explicit and blatant way to eke out every bit of interest from a mortgage by preventing these small irregular payment that over 20-30 years will have a dramatic effect.
 
i'm in same situ - BOI mortgage and BOI Acc, I recently registered my mortgage on BOI online but I find the mortgage balance doesn't seem to update very regularly?

My understanding is interest is calculated on a daily basis - so why doesn't the mortgage balance reflect the real balance?
my mortgage balance has been the same since middle of Jan - surely that's not right?
And I paid a lump sum into mortgage acc on monday (via branch) yet it still hasn't shown against account...
 
The delays in funds reaching your mortgage acc are perhaps a reason why they do not want you to be able to moitor your acc in "real time" as you can other accs.

I have made a request for a formal reaction and explanaiton from the bank on this.
No one I spoke to can give any satisfactory reason as to why this cant be done especially when other banks mortgage holders can lodge money from their BOI current acc. Indeed when I suggested that it sounded a deliberate ploy to frustrate and hamper early payments I also got no response..

The fact also that large lump sums may also take far beyond 3-5 working days to hit the balance as caitR suggests is also worrying.
 
I also have a BOI current account and BOI mortgage. I can view the mortgage online but can't transfer money into it.

When I went to the bank they told me that when I lodge extra money to the mortgage, it first goes into a big / multiple mortgage account and is subsequently directed into my individual mortgage account.

Its very inconvenient to go into the bank so I end up saving up to a sizeable lump before lodging it to the mortgage.

I think that if you want to lodge a regular overpayment you can set that up with them, but I like to have some flexibility over what I pay back so do it that way.
C
 
Carmel said:
I also have a BOI current account and BOI mortgage. I can view the mortgage online but can't transfer money into it.

Its very inconvenient to go into the bank so I end up saving up to a sizeable lump before lodging it to the mortgage.
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Why cant you? I asked this and they cant answer they are "looking into it"

Its my money, my account and their interest maybe thats why.

Yes it is very inconvenient, almost too inconvenient that many people wont do it half as often as they wish.
 
Carmel said:
I

When I went to the bank they told me that when I lodge extra money to the mortgage, it first goes into a big / multiple mortgage account and is subsequently directed into my individual mortgage account.

C
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Yes that happens with my EBS mortgage also but I gave BoI my individual reference number and they set it up for me. Now I can make once off payments with BoI online to my EBS account
 
I wonder can you pay into your BoI mortgage from another banks online facility? ie. If my current account is with AIB can I make online payments to a BoI mortgage or do they not allow any mortgage payments to be made online?
 
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I wonder can you pay into your BoI mortgage from another banks online facility? ie. If my current account is with AIB can I make online payments to a BoI mortgage or do they not allow any mortgage payments to be made online?
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If that's the case then maybe you have to suggest to BOI that it seems you'd be better off moving banks and see what they say then. If enough people threatened to do it they'd change their policies quickly enough. I've a PTSB mortgage and to op same amt every month I rang customer services, got a form in the post, filled it in and sent it back, no prob. If I want to op lump sum I just lodge it same as any a/c . Don't have it set up in my 365, should prob look into that to make payments easier.
Incidentally PTSB fixed rate I think has a limit on how much you can overpay and lump sums may be subject to interest paybacks. Variable's completely open to it.
 
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In fact, I am in the process of moving from BOI to the NIB LTV mortgage, and I understand they allow extra payments to be made online.

C
 
Trish2006 said:
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I wonder can you pay into your BoI mortgage from another banks online facility? ie. If my current account is with AIB can I make online payments to a BoI mortgage or do they not allow any mortgage payments to be made online?
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Yes just have confirmed that the GFs AIB current acc is set up so that she can pay from her online to our mortagge with BOI

Seems BOI are the onle people restricting this service. As yet have not had ANY reason as to why this is the case.

Seems to me that you can:
A. Change your current acc provider or
B. Your mortgage provider.
C. Both!
 
It's mindboggling that BOI lets everyone else's customers transfer online into a BOI mortgage account.

I've held BOI accounts for decades (plus others in addition from time to time) but I might seriously move my salary account business elsewhere to get around this. Thank you very much for the update.
 
Has anybody managed to set this up, i.e. the ability to overpay a Bank of Ireland mortgage using 365online.com?
 
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