Hi everyone, I've a SVR mortgage with AIB and with the recent rate reductions I decided to continue paying the amount I was used to paying before the repayments went down. I contacted AIB and they said to send a letter requesting to keep my payments the same as before the rate reduction. Then I got a letter in the post a few weeks later stating my new repayment amount and that the term of my mortgage had been reduced. Am I correct in thinking this is not what I actually wanted them to do? Should I ask them to return my mortgage to the original term and just make an additional manual payment each month myself?
Mortgage Overpayment
- Thread starter Roshambo
- Start date
Brendan Burgess
Founder
- Messages
- 53,464
Yes, you should tell them that you are simply overpaying.
If you need to revert to the original term or the original payment at some later stage, you will have to go through a convoluted process, at the end of which, they might refuse.
Brendan
If you need to revert to the original term or the original payment at some later stage, you will have to go through a convoluted process, at the end of which, they might refuse.
Brendan