Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

selling up, whats the deal?

Options
  • 18-01-2006 9:33pm
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    say you bought a house 5 years ago, and your mortgage is for 300k.

    now, you sell your house for 400k.

    when you go to the bank to clear your mortgage, are you charged penaltys for clearing it early? and if so how much?

    ta.


Comments

  • Options
    #2
    squire1
    Registered Users Posts: 730 ✭✭✭squire1


    Depends if your mortgage is fixed (penalty) or variable (no penalty).


  • Options
    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    stp wrote:
    when you go to the bank to clear your mortgage, are you charged penaltys for clearing it early? and if so how much?

    Afaik you only pay a break fee (on top of the redemption figure) if you're on a fixed rate mortgage, and in that case you pay the balance interest due to the end of the fixed term.


  • Options
    #4
    Santa Claus
    Registered Users Posts: 2,699 ✭✭✭Santa Claus


    Most banks will normally waive an early redemption fee if you're getting your next mortgage from them.


  • Options
    #5
    delly
    Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 7,683 Mod ✭✭✭✭delly


    I'm with the Irish Nationwide and when i sold my last house i was still within the 3 year fixed rate period. I had to pay 6 months interest, but got half back as my new mortgage was with them.


  • Options
    #6
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    not fixed, it's a tracker variable.

    so, you are charged some sort of break fee......?


  • Advertisement
  • Options
    #7
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    stp wrote:
    not fixed, it's a tracker variable.

    so, you are charged some sort of break fee......?

    Pretty sure you're not.


  • Options
    #8
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    Ask your bank.

    In any case you are €100,000 up (stamp duty & fees aside), although I here properties in your range are up €100,000 also. :v:


Advertisement