Do Danske give discounts for paying off a tracker early?

[Overthehill]

I have read all those posts about clearing off mortgage and hoping to get some advice here.
I hope to retire in 5 years time and trying to restructure my money/pension.
Have 60k left on my Tracker mortgage ( .5%) with Danske .
6 years remaining but I am overpaying so could be gone in 5 years if I continue as is.

I have written to Danske ( through Pepper) and told them I'll pay off the mortgage in full if they give me a 5% discount on the current balance. They haven't said YES or No but they asked me to fill out a customer information document which is about 10 pages in detail. They want to know all my incomes, expenses, assets etc.. (and what I have for breakfast!). I am reluctant to give them this info as it's not relevant and there is no guarantee they will give me a discount!
I can pay off the mortgage from a pension tax free lump sum ( see below) plus some savings that are sitting in a deposit account.
Does anyone know why Danske need this info and what they do with it ?
Has anyone actually got a discount from Danske in a similar situation?

I have 2 different pension + my current pension.
I am proposing to draw down the 2 pensions (worth 100K) - put 64K into AMRF , 11K in ARF and take 25k in cash free lump sum.
My plan is to pump up my AVC with the money I'll save by paying off my mortgage + what I have to take from ARF.
Are there any drawbacks to this plan?
Appreciate any advice.

 

[celticbhoy32]

Not sure what benefit it would be to danske bank if you pay off your mortgage early. Its to your advantage not theirs. They want the interest generated from paying monthly. If youre in a position to pay early, do so. Danske wont be giving you anything off.

 

[Brendan Burgess]

Danske are not giving discounts for early repayment of tracker mortgages.

I have no idea why they asked for this information. But on the slim chance that they are considering giving you a discount,why not provide them with the information? You have nothing to lose.


Brendan

 

[Overthehill]

Danske are not giving discounts for early repayment of tracker mortgages.

I have no idea why they asked for this information. But on the slim chance that they are considering giving you a discount,why not provide them with the information? You have nothing to lose.


Brendan

Filled out the form and awaiting their reply. Will let you know if I get a discount.
Thanks for the advice.

 

[cremeegg]

While I don't fully understand your plan, why would you pay off the mortgage early.

Put that 60k (- 5% discount if you get it) into a pension investment for 5 years and you should be much better off.

 

[aristotle]

You cant just lob 60k into a pension in one go though? There are limits to how much % of your income you can put into a pension depending on age etc on a year by year basis.

 

[Overthehill]

While I don't fully understand your plan, why would you pay off the mortgage early.

Put that 60k (- 5% discount if you get it) into a pension investment for 5 years and you should be much better off.

While I don't fully understand your plan, why would you pay off the mortgage early.

Put that 60k (- 5% discount if you get it) into a pension investment for 5 years and you should be much better off.

I've hit the big 60 and trying to reduce my major debts. I intend to put as much into my AVC while I am employed (hopefully for a few more years)- you never know what's around the corner so at least I won't have a mortgage to worry about !