Overpaying on fixed rate

[bagpuss]

Hi
We took out a 20 year mortgage with EBS. We have always fixed the rate - as in as soon as the fixed rate term expired we fixed it again.
We wrote to EBS approx 5 years ago and asked them to increase our payments by €200 per month as we were in a position to overpay.
As a result, we have reduced the term now owed to 8 years.

EBS have now told me that I can no longer make the overpayments as I am fixing it again.
I queried why but they just said their policy had changed and that I should never have been allowed to make overpayments.

Have I just been lucky in making the overpayment on a fixed rate for so long or should I continue to be allowed to make overpayments.

Hope this makes sense!

 

[NorfBank]

Usually you cannot change any terms of a fixed rate mortgage without paying a penalty so this means no overpaying, no paying back lump sums and no paying back of the mortgage early. Fixed means a fixed interest rate and a fixed monthly repayment.

How strictly this is applied differs from lender to lender, it looks like EBS have become more rigid in relation to overpaying. They are free to change their policy so if the conditions of the new loan offer do not allow overpaying then you will not be able to overpay.

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