Has anyone taken out a mortgage with KBC that was later transferred to BOI and can advise on the overpayment options? I’ve had two calls with them, but I still can’t make sense of it. Unfortunately, there’s no option to visit a branch in person to talk it through.
I’m on a fixed rate until August 2027. I’ve been told the maximum amount I can overpay until then without incurring a penalty, and that any overpayment comes off the principal. I assumed my monthly payment would remain the same, as nothing else was mentioned.
Today, however, I was told that a lump sum overpayment would reduce my monthly payment. I’m struggling to understand the point of overpaying if that happens. They also mentioned another option, which requires sending a letter to request a change to the mortgage’s maturity date.
I’m completely lost and just want to put some spare money into the mortgage to save on interest.
Can anyone break this down for me or recommend a service that can explain my options clearly?
Thanks!