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early mortgage clearance

  • 05-03-2009 7:27pm
    #1
    upandadam
    Closed Accounts Posts: 4 ✭


    I have just received a morgage clearance figure from permament tsb on my morgage which has 2 years left and guess what the clearance figure is higher than whats left leaving the morgage running its course,including interest (Variable rate)

    I rang the services center and I asked the guy to explain it ,,his reply was that it sometimes can be higher if you pay it off early.

    So If anybody can explain this for me in more detail or am I just been told Bull,I would be grateful.

    Thanks in advance.


Comments

  • #2
    namloc1980
    Registered Users, Registered Users 2 Posts: 18,379 ✭✭✭✭namloc1980


    Are you locked into a fixed rate loan?? If so the breakage costs could be the reason.


  • #3
    upandadam
    Closed Accounts Posts: 4 ✭upandadam


    No! Its a variable rate mortgage


  • #4
    billbond4
    Registered Users, Registered Users 2 Posts: 2,426 ✭✭✭billbond4


    Do you mean you have an amount of money (say 10,00) and you want to pay off your mortgage?
    If you own 10,000 and you transfer 10,000 into your mortgage account.
    I dont see how the bank can charge you interest on 0e,so your mortgage would be effectily gone.


  • #5
    upandadam
    Closed Accounts Posts: 4 ✭upandadam


    I owe apx €50000 on my mortgage which figure I got by adding up current payments including interest and multiplying by months left. apx 24

    When I asked Permanent tsb for clearance figure I got a figure from them of over€50000, which was higher than whats owed to them by me continuing my mortgage as is including interest at current variable rate .

    This is what I cannot understand, and what they said sometimes can be higher.

    So can anybody can shed light on this Please !


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