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Paying off Loan Early - Implications?

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  • 02-04-2010 5:04pm
    #1
    alan85
    Closed Accounts Posts: 333 ✭✭


    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!


Comments

  • Options
    #2
    jimoc
    Registered Users Posts: 634 ✭✭✭jimoc


    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.


  • Options
    #3
    Jet Black
    Registered Users Posts: 3,841 ✭✭✭Jet Black


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


  • Options
    #4
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    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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