15 Apr 2007 11:25 AM:
I seem to recall that it will stipulate on the first page of the mortgage quote Solbank give out what the repayment charges are. Typically they are about 1% of capital outstanding as a charge for early repayment.
But also there is usually a permitted maximum amount that you can pay off without any charges being incurred. I think on my mortgage it is twenty thousand Euros a year. I guess this part doesn't really help as you want to cancel it out completely and you need a new mortgage to be able to pay the old one off.
Solbank are no different than any other bank. They want as much of your money that they can possibly get their hands on so sadly the time to negotiate the terms is before you sign the mortgage. After that they just behave like the rest--
Typical response:-
" I'd like to help you out!
Which way did you come in?"
Regards and good luck with the renegotiation.
Thread:
early repayment of mortgage
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