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"Surrender value" on a property?

mathie · 2009-06-04 15:07:05

Hi If a house is sold within the first x amount of years of the mortgage is there a surrender value that must be paid to the bank? cheers M

04-06-2009 3:07pm

#1

mathie

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Hi
If a house is sold within the first x amount of years of the mortgage is there a surrender value that must be paid to the bank?
cheers
M

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Comments

#2 04-06-2009 3:13pm

faceman

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No, unless you're tied to a fixed mortgage

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#3 04-06-2009 6:46pm

tenchi-fan

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Just phone the bank and ask how much is left on your mortgage! The value of your house is irrelevant to the bank, they only care about the amount of money you owe them!

I believe they have small charges to close your mortgage account, up to €100 including the cost of returning the deeds to you.

If it is a fixed mortgage you will have to pay a few thousand to get out of the contract depending on the remaining term you agreed to. e.g. if you took out a 10 year fixed rate at 6% and you are only in year two, you will have to pay a fair bit to redeem your mortgage early. It might be worth it given the downward trend in house prices.

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