Hi everyone,
I’ve learned so much from this forum throughout my mortgage application process—thank you all!
Drawdown a new build in 2 months.
In my AIB mortgage offer, there’s a clause about early repayments. It says that if I repay early during a fixed term, they’ll compare the interest rate for the remaining term rounded down and up. For example, if I have 3.5 years left, they’ll look at both the 3-year and 4-year fixed rates and compare them to my current mortgage rate.
I’ve recently received a bonus and would like to reduce the amount I borrow. However, the mortgage application took a painful two months, and I’m hesitant to change the loan amount now, since that might require resubmitting all the documents and going through the process again.
So I’m wondering: can I take advantage of that early repayment clause and make a lump sum repayment just a few days after drawdown?
I’ve learned so much from this forum throughout my mortgage application process—thank you all!
Drawdown a new build in 2 months.
In my AIB mortgage offer, there’s a clause about early repayments. It says that if I repay early during a fixed term, they’ll compare the interest rate for the remaining term rounded down and up. For example, if I have 3.5 years left, they’ll look at both the 3-year and 4-year fixed rates and compare them to my current mortgage rate.
I’ve recently received a bonus and would like to reduce the amount I borrow. However, the mortgage application took a painful two months, and I’m hesitant to change the loan amount now, since that might require resubmitting all the documents and going through the process again.
So I’m wondering: can I take advantage of that early repayment clause and make a lump sum repayment just a few days after drawdown?