Extra Principal Payments

[KBIreland]

Have you over paid your monthly mortgage payment to reduce the principle outstanding and reduce the term of your mortgage?

Did you have to pay a fee/penalty for doing this?

What is the general attitude of banks towards additional principle payments?

 

[Brendan Burgess]

If you have a variable mortgage, you can repay it in part or in full without penalty.

The bank's attitude is irrelevant.

Brendan

 

[NoRegretsCoyote]

BoI let me make a 10% overpayment on a fixed rate with no penalty.

I think another bank (Ulster?) allow it too.

 

[KBIreland]

BoI let me make a 10% overpayment on a fixed rate with no penalty.

I think another bank (Ulster?) allow it too.

10% on the principle element of the payment or 10% on the total monthly repayment?

 

[RedOnion]

Paying off portion of fixed mortgage - Penalty fees with different banks

I'm currently looking at switching away from EBS at a 3% fixed rate which has come to an end now. This would be for a >80%

www.askaboutmoney.com

 

[NoRegretsCoyote]

10% on the principle element of the payment or 10% on the total monthly repayment?

The latter.

 

[misemoi]

UB allow 10% of the principal overpayment without pentalty. One of the reasons we switched to them. This is on a rolling year basis.