No penalty/break fees to Overpay PTSB (UB) Fixed rate mortgage?

I did a small transfer into my mortgage as a test. In the mobile app.

The 'remaining balance' decreased by the amount of the transfer. The 'arrears/prepayment' field stayed at 0. And so far the next payment amount has not changed.

I may not be a perfect test case of overpaying a fixed mortgage penalty free, as my redemption letter arrived and it indicates there would be no current penalty for paying off my mortgage early. (Probably because I fixed at a low rate)
 
I did a small transfer into my mortgage as a test. In the mobile app.

The 'remaining balance' decreased by the amount of the transfer. The 'arrears/prepayment' field stayed at 0. And so far the next payment amount has not changed.

I may not be a perfect test case of overpaying a fixed mortgage penalty free, as my redemption letter arrived and it indicates there would be no current penalty for paying off my mortgage early. (Probably because I fixed at a low rate)

Did they set up a new account for the credits to be transferred to or did you transfer direct to the mortgage account?
 
No, I sent it to their supplied IBAN, with a reference of my existing mortgage account number.
 
I got some further clarifications from an agent on a phone call;

When you send the money, without filling out a form signalling your intent, it acts "as credit" i.e. by default your monthly payments don't change, and the term is reduced. I understand, the principal is reduced, and the annual interest added to your account would hence be lower, and more of your monthly pay is actually going against the principal, resulting in a shorter term. In "credit" mode, if you missed a direct debit, it would be paid from this credit, or if you applied for a payment holiday it would be paid from this credit.

*BUT* if you want to reduce your monthly payments, you must fill out the overpayment form, and specify to use the credit to reduce payments, but in this case, you no longer have 'credit' on your accout, so you can no longer use the overpayment for a future holiday. I was surprised by this lack of flexibility, but have not yet re-confirmed with another call.
 
I got some further clarifications from an agent on a phone call;

When you send the money, without filling out a form signalling your intent, it acts "as credit" i.e. by default your monthly payments don't change, and the term is reduced. I understand, the principal is reduced, and the annual interest added to your account would hence be lower, and more of your monthly pay is actually going against the principal, resulting in a shorter term. In "credit" mode, if you missed a direct debit, it would be paid from this credit, or if you applied for a payment holiday it would be paid from this credit.

*BUT* if you want to reduce your monthly payments, you must fill out the overpayment form, and specify to use the credit to reduce payments, but in this case, you no longer have 'credit' on your accout, so you can no longer use the overpayment for a future holiday. I was surprised by this lack of flexibility, but have not yet re-confirmed with another call.
PTSB should really advertise the shít out of this. The former sounds very appealing. Reducing the term and interest paid whilst also giving you a little safety net in case you need it.
 
No, I sent it to their supplied IBAN, with a reference of my existing mortgage account number.
Did you set up the mortgage IBAN as a payee?

I assume you could set up a standing order from your current a/c to the mortgage IBAN.
 
Hi Just got a letter from PTSB that my mortgage rate will switch to 4.4% variable from the 30th June when my fixed rate of 2.2% ends. The rates on this thread show a rate of 3.8% Variable available? Is this out of date information.

My home is A2 rated and I owe €82000, the value of the property is €600000.
 
Just to confirm, I did a large overpayment filled out the overpayment form, and now have a reduced monthly mortgage payment!
 
Did you set up the mortgage IBAN as a payee?

I assume you could set up a standing order from your current a/c to the mortgage IBAN.
Yes. I setup as payee. With my mortgage account in the payment reference.

I think you could do a standing order to build up your credit
 
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