And unnecessarily accrue interest for the two weeks it takes the bank to come up with a final redemption figure?Don’t just transfer, ring them first and ask for the redemption number and that you are going to fully pay off the mortgage.
Thank youJust transfer the money to your mortgage accounts.
You are legally entitled to pay off the mortgages ahead of schedule without penalty.
There’s nothing to negotiate with the bank and zero chance of getting a discount.
Yup, there’s a statutory right to pay off a variable rate mortgage early without any fee or charge (sneaky or otherwise).There is no actual fee for paying off a variable rate/tracker mortgage early.
Thank youIt is worth contacting the bank in advance, firstly there may be sneaky fees added at the end, secondly they will want to know source of funds.
I had a UB tracker, when I enquired about redemption amount, they were adding a fee for paying early. So, I paid in slightly less than the total, and stated that I wanted it to reduce the term (not the capital). They recalculated my monthly payment, leaving only 1 month left. When that came out of my account, I had no longer “paid early” (according to the new recalculated schedule), so no sneaky fee!
I redeemed my UB mortgage recently but no fee was mentioned. I did have to chase them up on getting the deeds sent out though, once I did I got them within 3 days. I have to say, I found their mortgage team in Edinburgh very helpful and easy to deal with.The sneaky fee as you call it is usually a vacate fee re the deeds and was 35 euro recently when I redeemed UB mortgage, in fact they actually refunded it to me anyway afterwards for some reason. There is no actual fee for paying off a variable rate/tracker mortgage early.
I didnt notice the fee until they wrote to me looking for bank details to refund it to! Maybe they sorted out that issue and stopped charging it as it's only hassle then trying to refund it, they couldn't make it go to N26 as wouldn't work for them! Had to provide a 'proper' bank account details.I redeemed my UB mortgage recently but no fee was mentioned. I did have to chase them up on getting the deeds sent out though, once I did I got them within 3 days. I have to say, I found their mortgage team in Edinburgh very helpful and easy to deal with.
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