Accessing data to calculate early repayment fee

[Pratch]

I know the key post for specific queries on early repayment is here but it's been a few months since it was active. I've also searched the form but can't locate a post with a similar query. I've also called the bank we have a mortgage offer with and they couldn't answer my query - said they could only answer once I start the mortgage.

Doing a self build. Mortgage of €350k. Have €100k in cash. Taking out a larger mortgage to avail of the HTB. Plan to use the €100k to pay off lump sum ASAP. Six draw downs on a 1 year FR with BoI. First five will be €58k each, last one €60k.

Query is what the early repayment fee would be if we draw down the first €58k on the FR, then repay it immediately?

We have the option to do a split mortgage, with €100k on variable, so we could pay it off immediately after draw down. But if we go with a FR on the full €350k, then we get €7k cashback, versus €5k on the split.

I've found the formula BoI use the calculate the early repayments but I don't know where to source the data they use for this. Is this data publicly available?

 

[Dr Strangelove]

The difference will not be large once the payback is soon after the drawdown as the cost of funds should not be much larger than the rate the lender can get for putting funds on deposit for an equivalent length of time.

In my experience no lender will give you the precise rates in advance.

Big picture: there is a LOT more risk and uncertainty in a self build than the cost of paying down a loan early. Focus on other things within your control.

 

[Pratch]

The difference will not be large once the payback is soon after the drawdown as the cost of funds should not be much larger than the rate the lender can get for putting funds on deposit for an equivalent length of time.

In my experience no lender will give you the precise rates in advance.

Big picture: there is a LOT more risk and uncertainty in a self build than the cost of paying down a loan early. Focus on other things within your control.

Just to check, when you say the "difference will not be large", do you mean that an early repayment of the draw downs on the fixed rate are likely to incur a pretty minimal early repayment fee? I know it's anyone guess what it will actually be on the day, but just trying to clarify.

I take your point re: risks with self build. Whilst in the grand scheme of things there's a €2k difference in either approach, with build costs, that €2k is still valuable, so I'm seeing it as a couple of hours figuring out the best approach is time well spent. We've full PP all completed. Have a very reliable builder and solid RIAI contract in place with an agreed contracted build cost. Site was gifted. Conveyancing solicitor is immediate family. So we're solid enough on those fronts.