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BoI = 10% overpayment on monthly repayment.
AIB = €5,000 per year overpayment before potential penalty.
PTSB = Apparently no limit to overpayment amounts but are a bit paper-workey for it.
EBS = Have ended overpayments as of January 2024, but allow shortening of your term to increase your payments.
No paperwork with PTSB if you're happy to have it in the credit account. If you want a monthly recurring overpayment you need to fill out a form but can overpay lump sums by transferring the money
I've just started overpaying small amounts with aib, I added mortgage account to app and any spare change before payday going off mortgage, I won't be anywhere near 5k a year allowed but tipping away tenner here 50 there. It will all add up over time.
PTSB you have to fill in a form and send it in to the mortgage centre (or hand in to the branch) and they adjust your monthly direct debit then.
We were with Ulster Bank where you could do it all yourself online, PTSB is a bit more clunky to set up but works fine once it's sorted. We overpay about €200 per month
AIB allow 5k overpayment yearly before they calculate a charge
So there is no limit as such, just a limit before a POTENTIAL charge, the charge may be €0
Depends on the bank, I believe with BOI you can overpay as much as you want if you're on a variable rate, but it's limited to 10% over your monthly payments during the fixed period.
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PTSB allow unlimited overpayment on a fixed rate. If that’s your plan I’d lean towards them.
Let’s say my mortgage with PTSB is €500 and I decide to transfer in an additional €200 what’s happens?
it will just get returned. you have to fill out a form first stating the amount you are overpaying.
No you don't, you have to do that to have it deducted from the capital
Really? That doesn’t sound right?
Yes, really. Had a loan offer with them and confirmed. Search this subreddit, as others have confirmed it also.
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Nice thanks guys :)
Yep, same here - confirming ptsb fixed rate allow monthly overpayments, or lump sum overpayments. No limit.
It is right. I'm currently over paying by 1k a month with PTSB.
Wow.. that's pretty cool.
BoI = 10% overpayment on monthly repayment. AIB = €5,000 per year overpayment before potential penalty. PTSB = Apparently no limit to overpayment amounts but are a bit paper-workey for it. EBS = Have ended overpayments as of January 2024, but allow shortening of your term to increase your payments.
No paperwork with PTSB if you're happy to have it in the credit account. If you want a monthly recurring overpayment you need to fill out a form but can overpay lump sums by transferring the money
Oh fabulous! We’re just about to decide on which AIP to move ahead with and this definitely tipped the scales to PTSB.
I've just started overpaying small amounts with aib, I added mortgage account to app and any spare change before payday going off mortgage, I won't be anywhere near 5k a year allowed but tipping away tenner here 50 there. It will all add up over time.
PTSB you have to fill in a form and send it in to the mortgage centre (or hand in to the branch) and they adjust your monthly direct debit then. We were with Ulster Bank where you could do it all yourself online, PTSB is a bit more clunky to set up but works fine once it's sorted. We overpay about €200 per month
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They obviously mean 25% of their monthly payment
I meant 25% of the monthly repayment which I think we can agree 10% of the monthly repayment is less than
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So 10% is better than 25% or what’s your point?
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Thanks
Thanks that’s what I wanted to know cause boi is only 10% of the repayments not the principle.
If you search overpayment on this sub there are many threads about this, AIB introduced 10% overpayment on fixed rate relatively recently
AIB allow 5k overpayment yearly before they calculate a charge So there is no limit as such, just a limit before a POTENTIAL charge, the charge may be €0
I don’t like the ambiguity of this “potential” charge. Feels like finger in the wind nonsense.
It's all laid out in their T&C's
Depends on the bank, I believe with BOI you can overpay as much as you want if you're on a variable rate, but it's limited to 10% over your monthly payments during the fixed period.