The way PTSB structure all their over-payments, not just this one, of taking it off the end of the mortgage doesn't feel right with me. I've asked for clarification - via someone - on this before and don't feel I've ever received a satisfactory answer. (I'm blaming the "someone" in this case, not PTSB. A lot was lost in translation.)
On the yearly mortgage statement the overpayment is simply put to one side and accumulates as the original mortgage decreases at it's original rate. When the overpayment equals the amount outstanding the mortgage term is ended early.
So the overpayment sits there earning no interest. The mortgage still applies interest to the entire amount outstanding as if no overpayment was made. Your only saving is in the interest you would have paid in the final years.
This is probably a separate issue to this bonus. I just haven't seen a good explanation of how PTSB treat over-payments.
On the yearly mortgage statement the overpayment is simply put to one side and accumulates as the original mortgage decreases at it's original rate. When the overpayment equals the amount outstanding the mortgage term is ended early.
So the overpayment sits there earning no interest. The mortgage still applies interest to the entire amount outstanding as if no overpayment was made. Your only saving is in the interest you would have paid in the final years.
This is probably a separate issue to this bonus. I just haven't seen a good explanation of how PTSB treat over-payments.