Making mortgage overpayments online with EBS

M

maura

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I was just wondering has anyone made overpayments online with the EBS? If so how easy was it to do? and can you specify if you want it to reduce the term? Our mortgage is fixed at the moment, but due to be variable soon, I obviously don't want to incur penalties by overpaying now, so just wondered about anyone else who has done this. Thanks
 
I did it in the past - making regular and lump sum overpayments on a standard variable rate mortgage. I just dropped in or wrote to them explaining my intention (e.g. to fix monthly repayments at a level above what they would normally be based on the original term and current interest rate and have the excess used to reduce the capital balance, or to make lump sum capital repayments) and it worked fine. They confirmed any changes in writing and outlined the effect of the regular or lump sum capital repayments. Cleared the IR£40K 20 year mortgage in about 6 or 7.
 
Thanks clubman for your great advice as usual, you are a pet. Now I know what I have to do. Well done yourself clearing your mortgage that early, I'd say it is a great feeling.
 
Just to clarify - I see that you specifically mention online. My accelerated repayments were not online but through direct debits and in head office in Westmoreland Street in case that makes any difference. Mortgage free since 2002 and haven't looked back. Of course it was easier back then: IR£40K mortgage (albeit starting on a standard variable rate of c. 7% APR) on a house costing £63K and now probably valued at €400-€500K now! :eek:
 
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