Overpay mortgage - AIB SVR

[Familyman77]

Evening all. I know there is a thread explaining the merits of overpaying a mortgage but I'm looking for specific advice on the AIB online option and which way to do it right.
1 - I wish to make a €10000 lump sum payment which by AIB rules will automatically reduce the payments ( option A on the online form ) they will then send me the revised monthly repayments.
2- Do I then need to go online again and state I wish to overpay e200 per month ( option C on the online form ) which states it will reduce the term
3 - will I have the option to go back to a lower payment ( e.g minus the overpayment) if my circumstances change

Thanks

 

[bbari1]

Instead of filling out the forms, I just transferred the lump sum in to my mortgage account and then I filled out the form and picked option C.

if you want them to take lump sum using the form, you can do that and pick option C, you can do this simultaneously on the same form. You can scan/email the form to them also.

Sure, you can always go back to lower payment if you are on a variable.

 

[elcato]

Why bother with the form ? Overpay the 10k online. They will send out a letter with new payments. Then overpay monthly (or 3 or 6 monthly). They will soon get tired of sending the new letters and they will contact you. You interest is calculated daily so you won't lose out. This makes sure you can stop over-payment whenever you feel like it.

 

[Familyman77]

Thanks. I think I will just overpay online then rather than set up a monthly additional 200 just look each quarter and make another overpayment . If I'm thinking 1350 per month instead of the 1150 monthly i currently pay all I need to do is monitor the revised repayments and ensure I pay 12 x 1350 = €16200 per annum

 

[gianni]

Why bother with the form ? Overpay the 10k online. They will send out a letter with new payments. Then overpay monthly (or 3 or 6 monthly). They will soon get tired of sending the new letters and they will contact you. You interest is calculated daily so you won't lose out. This makes sure you can stop over-payment whenever you feel like it.

I overpay on a weekly basis via a standing order. AIB send out letters informing me of the overpayments, on a weekly basis. I rang them to ask for the letters to cease. They said that couldn't be done. Asked for them to be emailed. Couldn't be done. The letters still come, although, oddly enough not every week.