How much to pay off mortgage?

Hi firsttime poster, I'm looking for advice on my mortgage. I bought a house for €305000, and I just drew down the mortgage last month and have made 2 payments so far on it ( a 3 year fixed mortgage of €280000 4.5%) unfortunately circumstances have changed dramatically and I want to sell up the house. Anyone have any idea how much it will cost me to pay off the mortgage early and sell up the house?

You'll have a penalty to break the fixed rate - although some lenders will waive/refund this if you take a new mortgage with them - so you'll need to ring your lender to get this figure. It can change daily so the exact penalty may not be known until the sale closes.

Sarah

www.rea.ie

Thanks for the quick reply sarah, will contact them later, any idea how much interest they will charged?

Depends on the lender - some have a fixed penalty of 3 or 6 months interest, some have a formula which is based on the cost of funds and the un-expired fixed period. Either check your original mortgage offer terms or ring the lender.

Sarah

www.rea.ie