At Bank of Ireland, we offer you the flexibility to overpay your mortgage which means you could clear your mortgage quicker. Even a small amount can make a difference to your mortgage. Try our overpayment calculator
to see what savings you could make. There are 2 ways that you can make overpayments to your mortgage - a Regular Overpayment and a Lump Sum Payment.
- What is a Regular Overpayment?
You can set up a regular overpayment amount to your mortgage which is in addition to your normal repayment. You have the flexibility to set this up on an ongoing basis and then when you need to cancel it you can do so at any time.
- Any additional amount you pay over your normal monthly repayments will be paid against your capital balance. This will reduce your total interest charge and may shorten the term of your mortgage.
- Your monthly repayment amount will be fixed, which means the effect of the Overpayment on the capital balance will vary with interest rate fluctuations during the Overpayment period.
- An Overpayment can be cancelled at any time by writing to us at the address below.
- Overpayments made are not refundable.
- For fixed rates the maximum monthly overpayment is 10% of the monthly mortgage repayment, or €65 euro, whichever is greater.
- What is a Lump Payment?
You can pay a lump sum off your mortgage at any time and immediately you will reduce the capital amount outstanding.
- A lump sum paid into your mortgage will automatically reduce the amount of your monthly repayments for the remainder of your mortgage term.
- Alternatively if you wish to maintain your repayments and reduce the term of your mortgage instead, send us an instruction in writing (signed by all parties to the mortgage) to the address below.
- Lump sums paid into a mortgage account are not refundable.
- A funding fee may apply if you want to pay a lump sum into your mortgage while on a fixed rate.
- How do I make an Overpayment?
For more information on overpayments, to set up a regular overpayment or make a lump sum payment to your mortgage please contact our Mortgage Team on 1890 818 522.
Written instructions regarding your mortgage overpayment can be sent to:
Bank of Ireland Mortgages
2 Burlington Plaza
Warning: You may have to pay charges if you pay off a fixed rate loan early.
Bank of Ireland is regulated by the Central Bank of Ireland.
Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages and The Mortgage Store is regulated by the Central Bank of Ireland.
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