HI all,
I am just about to switch from AIB to BOI- we are also getting a top up. We were fixed for 7 years at 3.5%. I.5 years through it now so 5.5 yrs remaining.
Current mortgage with AIB- 290,000. They are charging €4,678 to redeem mortgage.
Ive been reading the law on the EU Regulations- European Union (Consumer Mortgage Credit Agreements) Regulations 2016 which transposed the Mortgage Credit Directive into Irish law but don't have a clue to discern whether the fee quoted represents AIBs fair costs or a sanction imposed on me?
Calculation they say based on
A (amount being repaid early=290,000) x U(no. of months divided by twelve = 5.5) c D(difference between original fixed term rate and the applicable fixed rate for remaining term= can't figure this out as there's only options for 5 and 7 years)
Any help greatly appreciated. Have had major trouble getting to talk to anyone in the know in AIB. Due to change in next few days!
Thanks,
Meg
I am just about to switch from AIB to BOI- we are also getting a top up. We were fixed for 7 years at 3.5%. I.5 years through it now so 5.5 yrs remaining.
Current mortgage with AIB- 290,000. They are charging €4,678 to redeem mortgage.
Ive been reading the law on the EU Regulations- European Union (Consumer Mortgage Credit Agreements) Regulations 2016 which transposed the Mortgage Credit Directive into Irish law but don't have a clue to discern whether the fee quoted represents AIBs fair costs or a sanction imposed on me?
Calculation they say based on
A (amount being repaid early=290,000) x U(no. of months divided by twelve = 5.5) c D(difference between original fixed term rate and the applicable fixed rate for remaining term= can't figure this out as there's only options for 5 and 7 years)
Any help greatly appreciated. Have had major trouble getting to talk to anyone in the know in AIB. Due to change in next few days!
Thanks,
Meg