ptsb lump sum paid - can I claim it as an advance?

Brendan Burgess

Brendan Burgess

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A friend of mine's who is struggling with his mortgage but who is not in arrears found that his father has "as a surprise" paid in €30k to his mortgage account.

ptsb has reduced the balance and adjusted his repayments accordingly.

But he would like the €30k to be treated as "payments in advance" so that if he does struggle, he won't go into arrears.

Can he demand that? Apparently the father just lodged the money without talking to his son or to ptsb.

Brendan
 
@Brendan Burgess
PTSB specifically allow for this.

On their overpayment form, there is an option:

Lump-Sum Payment Choose between option (i) or (ii)
(i) I wish to make a once-off lump sum payment of €
(a) To reduce my scheduled monthly repayments to allow me to pay over the original term or
(b) To reduce my original term while keeping my monthly repayments the same or lower* or
(c) To leave as credit for a future underpayment/payment holiday
 
I am open to correction but I remember from my time as a PTSB customer something about a 10k limit when it comes to overpayments being used as an account credit.
 
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