Overpaying on ub fixed mortgage.

abc_xyz

Registered User
Messages
31
A bit late maybe but here's my experience - I've a fixed rate mortgage with UB with a set amount over-paid each month. I set the over-payment amount via the website and this defaults to maintaining the term. I assume the monthly amount due will be recalculated at some stage (maybe end of the fixed term or one of the triggers mentioned above).

I have also paid off a lump sum by doing a electronic transfer (rang them for the details). Again this defaults to maintaining the term and immediately (well a few days later) the monthly amount due is recalculated. If you want to reduce the term instead you have to send in a letter to UB saying so. A few weeks after the lump sum over-payment I received a confirmation letter.

Also I was told the 10% over payment limit is per calendar year and not per mortgage year.
 

0439932

Registered User
Messages
2
A bit late maybe but here's my experience - I've a fixed rate mortgage with UB with a set amount over-paid each month. I set the over-payment amount via the website and this defaults to maintaining the term. I assume the monthly amount due will be recalculated at some stage (maybe end of the fixed term or one of the triggers mentioned above).

I have also paid off a lump sum by doing a electronic transfer (rang them for the details). Again this defaults to maintaining the term and immediately (well a few days later) the monthly amount due is recalculated. If you want to reduce the term instead you have to send in a letter to UB saying so. A few weeks after the lump sum over-payment I received a confirmation letter.

Also I was told the 10% over payment limit is per calendar year and not per mortgage year.
Did they specify on what amount per year is allowed to be overpaid on? Is it the mortgage value owed at the start of that year?

Im trying to figure out the max I can overpay per month on ~133K left on mine
 

Eoghan

Registered User
Messages
33
Did they specify on what amount per year is allowed to be overpaid on? Is it the mortgage value owed at the start of that year?

Im trying to figure out the max I can overpay per month on ~133K left on mine
Yes as far as I'm aware it's the balance per calender year. So Jan 1st 2020 you can overpay 13300 euro then Jan 1st 2021 if your balance is let's say 115000 it will be 11500 euro you can overpay.
 

SPC100

Frequent Poster
Messages
382
Yes as far as I'm aware it's the balance per calender year. So Jan 1st 2020 you can overpay 13300 euro then Jan 1st 2021 if your balance is let's say 115000 it will be 11500 euro you can overpay.

Yes, ten percent of the balance at the start of the year, may be paid without penalty.
 

abc_xyz

Registered User
Messages
31
Did they specify on what amount per year is allowed to be overpaid on? Is it the mortgage value owed at the start of that year?

Im trying to figure out the max I can overpay per month on ~133K left on mine
Yes, as SPC100 says it's 10% of the balance at the start of the calendar year can be paid without penalty. If you are uncertain for whatever reason you can ring UB and they'll give you the exact figures, to the cent. That's what I did.
 
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