Overpaying Fixed EBS Mortgage

Puddin

Registered User
Messages
14
Hi All,

I have an EBS 5 year fixed mortgage at 3% and am considering starting to overpay about €500 a month. Although there is no provision for overpaying by 10% like with BOI and UB am i still allowed to overpay on an ad-hoc basis and pay the percentage of fixed-rate breakage fee as a result whilst remaining on fixed rate ?

As an example if i owed €300,000 with a fixed rate breakage fee of €1,000 and overpaid by €3,000 would i simply have to pay 1% of breakage fee and not the full €1,000 ?

Thanks.
 

RedOnion

Frequent Poster
Messages
3,292
Yes, technically that's how it should work. You should only pat a break fee on the actual amount being overpaid.

I understand their systems / processes are a bit strange when it comes to overpayment.
 

Puddin

Registered User
Messages
14
Thanks RedOnion,

Am i right to assume they must allow you overpay even on a fixed ?
 

HollowKnight

Frequent Poster
Messages
166
It may work out simpler for you to save up your 'ad hoc' money for say six months and pay off a lump sum rather than monthly.
 

Puddin

Registered User
Messages
14
It may work out simpler for you to save up your 'ad hoc' money for say six months and pay off a lump sum rather than monthly.

That's true if you're the disciplined type but i'll throw it in each month cos i'm at risk of buying shiny new things with the savings !

I talked to them and it's straight forward enough. it would take over 4 years off my 17 year mortgage if i kept it up so a no-brainer really.
 
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