I have been overpaying PTSB mortgage for past number of years. ( In process of switching to AIB hence why this has come up) I had thought that that the overpayment was being used to pay down the capital however from now reviewing a mortgage statement I can see that the overpayment has been sitting separately on its own as it were. This was obviously my stated intention when setting up the overpayment. I want to ensure that the overpayment was at least been taken into account when the interest was being calculated i.e. offset against the capital portion before interest was being calculated. A rudimentary calculation on my part roughly seemed to however indicate that it wasn't.
I rang PTSB to query and gave up. I called into branch and spoke with someone behind a desk who gave great impression of understanding my query but then seemed to be fobbing me off with an answer of "of course".
Obviously I appreciate that best way is to sit down and work out figures exactly but would anyone know offhand how PTSB treat such overpayments on a variable mortgage. Switching now so want to ensure final redemption figure is accurately calculated.
Thank you.
I rang PTSB to query and gave up. I called into branch and spoke with someone behind a desk who gave great impression of understanding my query but then seemed to be fobbing me off with an answer of "of course".
Obviously I appreciate that best way is to sit down and work out figures exactly but would anyone know offhand how PTSB treat such overpayments on a variable mortgage. Switching now so want to ensure final redemption figure is accurately calculated.
Thank you.