EBS 100% Mortgage - Booking Deposit through GE Money

Surely settlement amount should be the balance outstanding, plus any early repayment penalty, which they claim doesn't apply here.
 
FTB2006 said:
...am I correct in assuming the "settlement amount" should be less than this? Is it likely to be much less?
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If the balance outstanding is €14,382 why would you assume the settlement amount (amount needed to close the debt) would be less?
 
maybe I mis-understood a friend, but I thought he said that in the past he paid off a car loan early and paid a reduced settlement amount?? Does that sound way off....?
 
Reduced settlement in that you don't pay all the interest you would otherwise have paid, i.e. interest for 5 years.

You appear to be 'way off' in your thinking, regardless of what your friend says.
 
.. all clear now - thanks to everyone.

havent had much experience of taking out loans, so im living and learning as I go.

Looks like I need to bite the bullet and pay 630eur for this "bridging loan"....
 
You are not biting any bullet.

You took out a variable rate loan at 9.2%. Not the best rate but not a bad rate. You would pay around €1200 interest if you had this for 12 months. And maybe around €700 if you had it for 6 months.

Don't worry about it until you pay it off. When you get the final statement you can post the details here and we will check it for you.

Brendan
 
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