Are there any banks that allow you pay extra when fixed

Happy

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Hi

Current mortgage with EBS & were just out of 5 year fixed rate.

We are moving home & Approached banks for approval just after new guidelines came in

We have loan approval with EBS. LTV 72%

AIB would not give loan required as we did not have sufficient in account after mortgage repayment allowing for their criteria for 2 adults with kids

BOI would give 20k less then we needed

KBC would not consider us as we had no record of savings for 6 months prior to when we were applying but we have one now

Ulster Bank would give loan over a longer term but this was restricted due to compulsory retirement age

(I assume EBS gave us loan required as we have record with of full payments for last 5 years)

We re hoping to go variable & switch & maybe fix at a later date when we have reduced LTV to 60%

2 questions

If we go variable with no change to circumstances & we reduce LTV to 60% over 18 months would we be more likely to get switcher approval later on?

Are there any banks that allow additional monthly repayments when fixed ( I know you can do partial fixed & partial variable rates)
The reason I am asking is BOI told us we could pay up to €400 extra per month on a fixed rate

Thanks
 
I thought that no bank would allow accelerated capital repayments when you are on fixed.
But maybe I'm wrong.
If any bank (e.g. BoI) says that you can make such repayments while fixed without penalty then get it in writing exactly what they are talking about.
For example clarify with BoI what exactly happens with such a €400 "overpayment".
I'd be very wary of being told one thing verbally and not getting it in writing.
 
I know UB used to allow up to 5% in extra payments on fixed. But if you think you want to do extra random payments go for a split mortgage if you can and leave some at variable that you can make extra payments to.
 
Some banks will allow a once off yearly payment. You have to ask each bank though. We recently took out a fixed rate with UB and they specifically said we cannot overpay monthly, they recommended that we opened a current account and through in what we wanted to overpay into that and let it build up.
 
@Spin, are you sure? We're taking out a new (second) mortgage with kbc and were told yest that we could only make lump sum payments on a variable rate. Interestingly will have a split mortgage (old mortgage on tracker rate and new monies on variable) and were told that we could choose which part of the capital we wanted to pay off.
 
KBC will allow you pay 10% off principal while on a fixed rate.
Is that in writing - e.g. in mortgage terms & conditions?
Interestingly will have a split mortgage (old mortgage on tracker rate and new monies on variable) and were told that we could choose which part of the capital we wanted to pay off.
Presumably you would never make a capital repayment on the tracker part as long as any of the variable part is outstanding?
Other than in the (presumably unlikely?) case of the variable rate going lower than your tracker rate?
 
Yes, they always allowed 10% payment when on a fixed rate. Ring them tomorrow and check but I have no record of it been withdrawn.

@Spin, are you sure? We're taking out a new (second) mortgage with kbc and were told yest that we could only make lump sum payments on a variable rate. Interestingly will have a split mortgage (old mortgage on tracker rate and new monies on variable) and were told that we could choose which part of the capital we wanted to pay off.
 
Presumably you would never make a capital repayment on the tracker part as long as any of the variable part is outstanding?
Other than in the (presumably unlikely?) case of the variable rate going lower than your tracker rate?
Spot on. I was just surprised that they would allow us to choose.
 
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