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 overpaying the variable part by about 100% of the required monthly payment. When we got the letter from BOI confirming the rate and monthly payment amount it was higher than expected on the mortgage that had been variable up to now. I rang BOI and they told me that they have maintained the overpayment I was making on the variable amount and when I asked about overpayment penalties now that this was a fixed mortgage, I was told that I won’t be penalised as the overpayment was already in place. If I wanted to cancel the overpayment, I’d only be able to make 10% overpayments in future without getting penalties. So it appears that we have benefits of the lower fixed rate while still making significant overpayments without penalties. Anyone else experienced this? It seems too good to be true. Note: I was rejected from a few of the banks offering cashback as I’m on probation in a new job.