Do I need to pay a penalty on breaking out of a fixed rate mortgage?

Hi I've finally came up with the money from family to buy out my ex partner, and take his name off the mortgage.
Im on a fixed rate mortgage, I've received the redemption figures, and there is no breakage clause. Does anyone know do I have to pay penalties for paying it off please. I'm with AIB. Thank you

I presume that you're referring to this case?

Reeah30 said:

I've received the redemption figures, and there is no breakage clause.

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I presume that you meant "there is no breakage charge" in the redemption figures? I doubt that any fixed rate loan agreement lacks a breakage clause?

If there's no fixed rate breakage penalty then there should be no other penalty or charge. But ask AIB to be absolutely certain.

Hi Clubman,

Yes that's the case. It said on the letter from the bank, that the breakage fee is zero.

In that case I don't think that there should be any other charge but check with AIB to be absolutely sure.

If you're clearing the full mortgage and will be taking possession of the deeds then there may be a small charge to remove AIB's interest in the property unless you undertake to do this yourself (I presume that it's still possible for the borrower to do this - it was years ago when I did it myself).

Again, ask AIB about this if relevant.