We are in a fortunate position whereby we are looking to overpay our mortgage by a small amount. I have been in contact with my local BOI branch advising them of this and that I want to take the overpayment off the principal and keep the term the same. However they have advised that
"To achieve the repayment you are looking for , the term would need to be reduced to 21 years. (taking 8 years off your mortgage). " Current term is 29 years.
I have queried this as I am afraid that if at any stage I want to stop the overpayment then I would need to reapply for the longer term, however I have been advised that there would be no issue reverting to the longer term.
Does this sound ok? To be honest I am thinking of just putting the overpayment into an account and paying off a lump sum every 12 months.
"To achieve the repayment you are looking for , the term would need to be reduced to 21 years. (taking 8 years off your mortgage). " Current term is 29 years.
I have queried this as I am afraid that if at any stage I want to stop the overpayment then I would need to reapply for the longer term, however I have been advised that there would be no issue reverting to the longer term.
Does this sound ok? To be honest I am thinking of just putting the overpayment into an account and paying off a lump sum every 12 months.