Just a heads up on Ulster Bank mortgage overpayment

[Eoghan]

I recently overpaid some of my mortgage. I asked for it to be taken off the principle. The balance went down but the monthly payment didn't change nor did the term amount. The paranoid side of me is thinking because they're leaving the market they were trying to pull a fast one. I rang them up and they acknowledged the mistake and refunded me the 15 euro I would have saved. Just wanted to give a heads up to anyone thinking of overpaying

 

[skrooge]

Is your mortgage fixed or variable?

I'm a regular overpayer on a fixed mortgage. They don't recalculate my monthly payment very often but they do occasionally update it.

If anything their inaction was doing them out of money. By not reducing your monthly payment you would pay your mortgage off faster which would imply less interest for the bank.

 

[Monbretia]

You would still have saved money, even if nothing had been done the term would have reduced slightly regardless of what the computer said, the overpayment would cause mortgage to finish sooner than original agreement.

 

[Eoghan]

Is your mortgage fixed or variable?

I'm a regular overpayer on a fixed mortgage. They don't recalculate my monthly payment very often but they do occasionally update it.

If anything their inaction was doing them out of money. By not reducing your monthly payment you would pay your mortgage off faster which would imply less interest for the bank.

Ok thanks. It's fixed.