Moving from variable to fixed rate

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fingers mcginty

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Hi folks I have my mortgage with Bank of Ireland and I moved from a standard variable rate of 3.9% to a 2-year fixed rate of 2.9%. I was overpaying on my mortgage to bring the term down when I was on the variable rate and I am continuing to do so while I am on the fixed rate. As I am making an overpayment on the fixed rate do you know if I will be charged because of this?
 
How much are you overpaying by? And are you overpaying manually or had you asked them to increase the direct debit?
BOI allow you to overpay by 10% each month without checking for break fee.
E.g if your repayment should be 1,000 and you pay 1,100 there's no check.

I'm not sure if the specifics, but some posters have said that because they were overpaying previously, BOI factored that into the fixed rate setup. Maybe if the were direct debits.
 
@fingers mcginty
Here's an example of what I was looking for:

Fixed rate hack with Bank of Ireland

I’ve posted this to the switcher’s forum as it might be relevant to anyone crunching numbers on a switch but feel free to move it. We took out a split mortgage with Bank of Ireland last October (had on part fixed, on variable) and have now fixed both portions at 2.8%. Previously we were...
www.askaboutmoney.com
 
Thanks very much. That tallies up with what they just told me over the phone. Basically what they say is 2 months before the fixed-rate finishes I will be given the option of staying on the fixed rate or going back on the variable rate I will not be charged a penalty. if I stay on the fixed rate and I want to increase my overpayment then I will be charged but if I go on the variable rate first increase the overpayment and then go onto the fixed rate I will not be charged a penalty.
 
I can also back this up.

I was on a variable rate and overpaying heavily, but was allowed to move to a more attractive fixed rate maintaining the current level of overpayment without penalty. I increased the overpayment to take into account the savings given by the new rate just before switching to the fixed rate.
Same conditions - I can't increase the overpayment during the term of the fixed rate. I can stop the overpayments at any time but if I want to re-instate it will only be allowed to the max of 10%
 
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