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 Post subject: Re: Mortgage overpay - who makes it easiest
PostPosted: Mon Jan 09, 2017 12:50 pm 
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Planning Tribunal Attendee

Joined: Apr 21, 2008
Posts: 1486
tradtshirt wrote:
Who makes it easiest? Not AIB anyway.
I transferred money from an AIB current account to an AIB Mortgage account as a test and they decreased the monthly repayment. What I actually expected was for them to decrease the principal.
I inquired and was told that the default if you just transfer to a mortgage account is for the system to decrease the monthly payment. If you want them to decrease the principal you must inform them by letter or email with each adhoc transfer. Alternatively you can set up something regular by prior agreement where they do decrease the principal - however you must stick to the agreed amount every month and advise them again in writing should you wish to go back to paying the basic amount.


If your monthly repayment dropped then surely that's because the overpay was used to pay off the principal?

Pay off principal, term remains the same= lower monthly payments
Pay off term, monthly payment will be the same = fewer monthly payments

Unless by saying your monthly repayment dropped you mean they treated it as an advance payment rather then an overpayment and simply didn't charge you until it was used up?


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 Post subject: Re: Mortgage overpay - who makes it easiest
PostPosted: Mon Jan 09, 2017 5:28 pm 
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Neo Landlord

Joined: Mar 3, 2009
Posts: 209
poohbear wrote:
With my AIB mortgage I just transfer money from current account to mortgage.

Only thing I dislike about AIB is I can't get my mortgage info online as I haven't got an AIB current account. Paper statements only.


I don't have an AIB current account either, but I do have a savings and masterplan account and I was able to add our mortgage account to my online banking (not sure why I did this as it just depresses me when I log in :shock: )


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 Post subject: Re: Mortgage overpay - who makes it easiest
PostPosted: Mon Jan 09, 2017 5:46 pm 
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Old Time Landlord

Joined: Aug 21, 2007
Posts: 377
shweeney wrote:
poohbear wrote:
With my AIB mortgage I just transfer money from current account to mortgage.

Only thing I dislike about AIB is I can't get my mortgage info online as I haven't got an AIB current account. Paper statements only.


I don't have an AIB current account either, but I do have a savings and masterplan account and I was able to add our mortgage account to my online banking (not sure why I did this as it just depresses me when I log in :shock: )


Fair enough! I do know I can't get one with just the mortgage. Maybe I'll open a savings and not put anything in it.


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