Thanks for this.Because interest is calculated on a daily basis you save more money by making overpayments when you can do instead of waiting and doing lump sums
Thank you. 50€ fair enough. I will consider adding lumpsum more frequently now.I came up with something like 54 Euro in saving interest ? (at your mortgage rate of 2.15)
Perhaps someone else also wants to check this
About 8 euro.Would you save more in interest by adding €50 monthly rather than €600 annually ?
Would you need to fill in the overpayment form every month if doing the monthly amount ?
Even on a fixed rate ??About 8 euro.
Just transfer the money to the mortgage account, there's no need to fill in forms.
You know there's no break fee, so just transfer it in. Once you transfer over a certain amount, they'll recalculate the repayments and send you a letter.Even on a fixed rate ??
Yes even on a fixed rate - since I draw down the mortgage some years ago I make every month an overpayment (which I also increase monthly), never filled out any form - letter with confirmation and recalculation arrives within one to two weeks.Even on a fixed rate ??
So the term is being reduced with each overpayment ?Yes even on a fixed rate - since I draw down the mortgage some years ago I make every month an overpayment (which I also increase monthly), never filled out any form - letter with confirmation and recalculation arrives within one to two weeks.
No you reduce the minimum mandatory repayment - which in my opinion is even better as it improves your cashflow. I am increasing my overpayment by what it was reduced the month before.So the term is being reduced with each overpayment ?
Never completed any form when I do my monthly overpayments.Hi, just come across this thread. I'm on the green rate @2.1% as of last August. Looking now to pay a few quid extra each week or month.
How do you go about getting the confirmation from AIB that i won't be penalised for over payment during the fixed term. I rang up and was told not very convincingly that I must submit the overpayment form.
Not sure from reading the thread I need to do this. Ideally there's a department I can ring and they post out the overpayment quote.
Would like this before I transfer on the App
Thanks
As long as AIBs current rates are higher than your rate for the remaining period you won’t have an early repayment charge.
See here:What do you mean by this ??
Would this be applicable to new mortgages also ?
It's explained in the 1st post.What do you mean by this ??
Would this be applicable to new mortgages also ?
I got one.Did everyone just get the email from AIB regarding 'AIB Fixed Rate Mortgage Overpayment Allowance".
This seems to be an attempt to get around the overpayment loophole?
Could you share the wording?Did everyone just get the email from AIB regarding 'AIB Fixed Rate Mortgage Overpayment Allowance".
This seems to be an attempt to get around the overpayment loophole?