Paying off a BoSI tracker mortgage early

D

Deano

Registered User
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Hi. I've done some digging on the forum but havent found anything recent about this. We are currently looking at moving home and I believe that some people have had success paying off their BoSI tracker mortgage early at a discount because they are costing the lender money. We are in a position to get a short term loan from my parents to hopefully save some money going into our new mortgage (whenever that happens!).

The mortgage is a 15 year, €160k tracker drawn down in Jan 2008. We now have approx. 7.5 years to go, the balance is approx. €85k and the current interest rate is 0.65%.

Does anyone have any suggestions for what I can do here? Is it a simple matter of calling them and chancing my arm? What would be a realistic offer to make??

Thanks :)
 
Deano said:
LOL - it's all about what you search for I guess! Thanks for the pointer :)
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No problem at all.

Even with the benefit of hindsight, it's hard to believe somebody thought it was a good idea to lend at such a low margin in 2008. Let us know how you get on if you decide to request a discount (I definitely would if I was in your shoes).
 
Sarenco said:
No problem at all.

Even with the benefit of hindsight, it's hard to believe somebody thought it was a good idea to lend at such a low margin in 2008. Let us know how you get on if you decide to request a discount (I definitely would if I was in your shoes).
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Well, I will call and ask - nothing to lose. He who dares and all that!

I just wondered if there was a good way to approach it. I'm going to tell them that I have savings and not that I am moving house. I'd need to pay off the mortgage anyway in that case!!
 
I'd be more inclined to tell them you were refinancing elsewhere, I have seen a small reduction given to someone with a buy to let that just borrowed the money elsewhere to pay off BOS, I can't remember how much of a reduction they got unfortunately.
 
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