Topic: Mortgages October 22, 2018
Author: Neil Cubley

Flexible mortgage options

Bank of Ireland Mortgages Flexi-options


More and more mortgages allow you a bit of flexibility when it comes to payments.

Here are some ways to change how and when you repay your mortgage.

1 Change your mortgage payment date

The most obvious thing you can do is change the day of the month that you pay your mortgage.

If you always get paid around the 21st of each month, for example, then it may make your life simpler if your mortgage repayment comes out of your account on the 22nd or 23rd.

Contacting your lender to adjust the date of your mortgage repayment can help reduce your chances of your account going overdrawn and paying fees and charges.

2 Take a break from repayments

When you have unexpectedly large expenses to cover, it might help you to take a break from mortgage repayments for a few months.

Some lenders now allow you to do this several times during the term of a mortgage.

You might also be able to put off your repayments for up to 3 months when you first take out a new mortgage.

Giving you a break at a time when your finances might be under pressure.

Terms and conditions may apply.

3 Skip a payment or two

Alternatively, it might suit you better to skip mortgage payments to allow for additional expenses.

Lenders will sometimes allow you to skip a payment or two in a year as long as you pay the amount you would normally pay in 12 months over 10 or 11 months instead.

That means higher repayments over fewer months but a break when you need it.

4 Overpay and save interest

Alternatively you may find yourself in the position of being able to overpay your mortgage each month or with a one-off lump sum.

Overpaying will reduce your remaining balance saving you interest over the term of the mortgage.

With a lower balance to repay you can pay your mortgage off sooner or reduce your monthly mortgage repayment amount.

Terms and conditions may apply and, if you repay a fixed loan early, you may have to pay charges.

5 Split your mortgage between a fixed and variable rate

You don’t just have to choose between fixed or variable rate mortgages.

With a twin rate mortgage you can get the certainty and stability of a fixed rate plus the flexibility of variable rates.

You decide how much of your mortgage to put on a variable rate and how much on a fixed rate.

Before you apply for a mortgage, you might want to check your credit rating.

Find out more

To find out more about Bank of Ireland mortgages, click here.

Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland.

WARNING: The cost of your monthly repayments may increase.


WARNING: If you do not keep up your repayments you may lose your home.


WARNING: You may have to pay charges if you pay off a fixed–rate loan early.


WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

All efforts were made to ensure that the information in this article was accurate at the time of original publication. The content of this article do not constitute financial advice.

Bank of Ireland is regulated by the Central Bank of Ireland.

Topic: Mortgages October 22, 2018
Author: Neil Cubley

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