BOI redemption figure - Clearing mortgage

A

Aph2016

Registered User
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Hi All,

Seems to take BOI an age to get a redemption figure sent out. I know the balance from their mortgage viewer, is there any way to estimate interest? Anyone know if solicitors can pay a little extra to clear, and just get refunded if we pay above what's owed?
 
Are you referring to a fixed rate loan?
After all for a variable rate loan the current balance is presumably the redemption amount?
Bar maybe a few days' interest since the last scheduled repayment and until the redemption payment actually clears the loan?
And isn't the penalty on most fixed rate loans still zero in practice these days?
Why not just pay the balance amount and if there's some residual interest amount due they'll soon tell you?
Why is there a solicitor involved in the clearing of the loan?
 
Aph2016 said:
is there any way to estimate interest?
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Assuming there's no break fee. Then Outstanding balance X interest rate X (days since last time interest added/365) should get you very close. Depending how long it's been maybe add a little extra boost to be sure.

Aph2016 said:
Anyone know if solicitors can pay a little extra to clear, and just get refunded if we pay above what's owed?
Click to expand...

Shouldn't be a problem.

ClubMan said:
Why is there a solicitor involved in the clearing of the loan?
Click to expand...

Might be a remortgage
 
ClubMan said:
Are you referring to a fixed rate loan?
After all for a variable rate loan the current balance is presumably the redemption amount?
Bar maybe a few days' interest since the last scheduled repayment and until the redemption payment actually clears the loan?
And isn't the penalty on most fixed rate loans still zero in practice these days?
Why not just pay the balance amount and if there's some residual interest amount due they'll soon tell you?
Why is there a solicitor involved in the clearing of the loan?
Click to expand...
To clarify, it's a fixed rate mortgage which is expiring end of this month so would be surprised if there's a breakage fee with 3 days to go. Moving property so paying off BOI through my solicitor and drawing down new mortgage with EBS.
 
Just instruct your solicitor to pay the stated remaining balance and let the lender tell them/you if anything further is owed subsequently?
 
Instruct your solicitor to overpay by x amount and bank will refund any extras upon account closure. This is exactly what I did and all went smoothly.
 
Why do you need a solicitor? Just pay the amount that you think you owe. It will be either under or over and if over they will refund you.
 
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