selling up, whats the deal?

LegacyUser · 18-01-2006 8:33pm #1

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.

squire1 · 19-01-2006 8:13am

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

19-01-2006 8:13am

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.

Santa Claus · 19-01-2006 8:46am

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

delly · 19-01-2006 9:15am

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.

LegacyUser · 20-01-2006 5:33pm

not fixed, it's a tracker variable.

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

20-01-2006 6:26pm

stp wrote:

not fixed, it's a tracker variable.

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

Pretty sure you're not.

Victor · 20-01-2006 9:30pm

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:

selling up, whats the deal?

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