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

mortgage question

Options
  • 05-11-2010 6:01pm
    #1
    yeronlyman10
    Closed Accounts Posts: 17 ✭


    Hi all, if you have a small mortgage and your on a variable rate,can you pay off the mortgage in full without penalty? Do you need to go through a solicitor for this or do you just deal directly with the bank?
    Any advice would be great, thanks


Comments

  • Options
    #2
    leeroybrown
    Closed Accounts Posts: 7,563 ✭✭✭leeroybrown


    If you're on a variable rate then you shouldn't be subject to any penalty. Only a fixed rate mortgage should have a penalty clause. You certainly shouldn't waste money consulting a solicitor when your bank should be able to help you for free.

    The one other thing I'd say is that if you're not completely repaying the mortgage make sure that you tell them that you want to reduce the term of the mortgage, rather than just the amount owed. Otherwise they might chose the (more profitable) second option by default.


  • Options
    #3
    yeronlyman10
    Closed Accounts Posts: 17 ✭yeronlyman10


    So its a case of giving a check for the full amount left on the mortgage to the bank and they give me my deeds? Surely the legal profession has to be in on the act some way.They got to have their nose in the trough as per usual.


  • Options
    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    yeronlyman10 wrote: »
    So its a case of giving a check for the full amount left on the mortgage to the bank and they give me my deeds? Surely the legal profession has to be in on the act some way.They got to have their nose in the trough as per usual.

    More or less that easy. But get a final redemption figure for the mortgage from the bank. Its show exactly what you need to pay to finalise the account. There will probably be a closing fee involved for admin but nothing major. Talk to the bank and they will help you get what you want.


  • Options
    #5
    yeronlyman10
    Closed Accounts Posts: 17 ✭yeronlyman10


    Thanks for the replys guys, knowledge is power, lets spread the wealth !!!


  • Options
    #6
    CBYR1983
    Registered Users Posts: 336 ✭✭CBYR1983


    Is it possible to make a part repayment and still stay on a tracker??? Or would bank use opportunity to force out of tracker?


  • Advertisement
  • Options
    #7
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    Depends on TOC, but most trackers allow early repayment without penalty.


Advertisement