When your mortgage is with us you have a choice of flexible repayment options.

 

Of course while we have to first approve all options for you and there are terms and conditions that apply, some of these options can save you money and time. Click each of the below for more information.

 

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    Mortgage Overpayments

    Own your home sooner by paying more off your mortgage. You can pay more than your normal repayments off your mortgage with an extra monthly payment or a lump sum payment, or both. 


    Increase your monthly repayment amount


    To make an extra monthly payment to your mortgage, you can set up another monthly standing order to your mortgage account through AIB Internet Banking or you can fill out the Overpayment Form. We will reduce the mortgage loan term because of the increase in your monthly repayments to your mortgage.


    Make a lump sum payment to your mortgage


    You can make a lump sum payment to your mortgage. You can do this through AIB Internet Banking or by filling out the Overpayment Form.


    On the Overpayment Form you can choose between two lump sum payment options;
     

    • Pay a lump sum and reduce your monthly repayment amount

      Your monthly mortgage repayments will reduce in line with the reduced balance of the account. The remaining term and interest rate will stay the same.

    • Pay a lump sum, maintain current monthly repayments and reduce your mortgage term

      Your mortgage loan term will be reduced to keep the monthly repayments at approximately the same level as they were before the lump sum payment. The interest rate stays the same.

     

    If you are on a variable rate you can increase your monthly repayments or make extra payments as an overpayment. If you are on a fixed rate, we may charge you an early breakage cost when you make an overpayment.


    All parties to the mortgage must sign the Overpayment Form. When you have filled in the Overpayment Form please email us at homemortgages@aib.ie or send it to AIB Home Mortgage Operations, Accounts Section, 1 Adelaide Road, Dublin 2. DX 183, Dublin.

     

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    Payment Holiday (repayment break or interest only)

    If you’ve got other things to think about like maternity leave, education fees or home property improvements, we can give you a complete break (what we call a moratorium) from your mortgage for up to six months.

     

    We will then spread those six months’ payments over the rest of your mortgage term so, when you start paying again, your repayment will be a little higher.



    The Payment Holiday options are available to existing AIB PDH (Private Dwelling House) mortgage customers*, subject to approval.

    *Existing owner occupier mortgage customers not in financial difficulty.


    Interest Only Repayments

    Or, if you would like, you may be able to make your payments interest-only for up to 12 months while not needing to pay the capital part of your repayment. At the early stages of your mortgage, the interest portion of your repayment is usually greater than the capital portion.

     

    We will consider either of these breaks if you are already a customer of ours, repaying as contracted and living in the house yourself.

     

    It is important to note that when the moratorium or interest only period ends, your monthly repayments over the remaining term of your loan will be increased to ensure that your mortgage will be repaid (together with interest due) within its original term.

     

    To apply for either of these options, fill in the Payment Holiday Form and return it to your Mortgage Advisor or drop it in to any AIB Branch.

     

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    Reduce your monthly mortgage repayments

    You can reduce your monthly repayments by extending the term of your mortgage. You can apply using the Reduced Repayment Application Form and send it to: AIB Home Mortgage Operations, Accounts Section, 1 Adelaide Road, Dublin 2 DX 183.

     

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