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Paying off Loan Early - Implications?

alan85 · 2010-04-02 16:04:27

Hi, Looking into paying off a loan originally taken out with First Active and now with Ulster Bank. Took out around e80,000. e56,000 remaining now. Got e100,000 savings. Thinking to pay off early. Am I right in thinking I'll be saving a lot as there is 9 yrs left on loan and am paying e7 a day at moment... Advice would be…

02-04-2010 5:04pm

#1

alan85

Closed Accounts Posts: 333 ✭✭

Join Date: February 2009

Posts: 273

Hi,

Looking into paying off a loan originally taken out with First Active and now with Ulster Bank.

Took out around e80,000. e56,000 remaining now.

Got e100,000 savings.

Thinking to pay off early. Am I right in thinking I'll be saving a lot as there is 9 yrs left on loan and am paying e7 a day at moment...

Advice would be really appreciated!!!

Thanks in advance!

0

Comments

#2 02-04-2010 5:26pm

jimoc

Registered Users, Registered Users 2 Posts: 634 ✭✭✭

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Posts: 614

If it is a fixed rate loan then there will be penalties for paying it off early.

If it is a variable rate loan then there won't be.

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#3 02-04-2010 7:27pm

Jet Black

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Posts: 3657

Ring the bank and ask for a settlement figure. The usually charge 3 months of interest on fixed loans.

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#4 02-04-2010 9:56pm

broker2008

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Posts: 735

Cash is king though. If you pay it off you might not get the facility to borrow again - rainy day and all that.

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