Is there a penalty for selling early?

C

carina

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Myself and a friend bought an apartment together 10 years ago.
We now want to sell if possible.
Outstanding mortgage is 201500. We have an offer of 200000.
We will have to pay solicitor, estate agents plus management fee (we currently pay by SO so presumably we will have to pay balance for year but could be wrong there)
I have no savings so would be looking at borrowing maybe 5/6K to cover my half of these items.
However I've just realised there could be a penalty from bank - EBS. Mortgage was 35 years.
Anyone any experience?
 
I'm sure others will seek more information to help you better but in short, there won't be a penalty for repaying your loan early unless you're in a fixed rate period with your bank.
 
Thanks Rob. Am up to eyes in work at the moment & friend is away this week so just trying to get an idea before making an appointment with bank.

We're on a variable rate. Have never missed a single euro in payments.
 
Hi Carina

EBS are actually prohibited by statute from charging an early redemption fee on a variable mortgage - so no worries there.

Also, you will only be responsible for that proportion of the OMC annual fee up to the date of completion of the sale - the purchaser will be responsible for the balance.

I would be surprised if the total costs (agent, advertising, solicitor, etc.) associated with selling the apartment exceeded €6k.
 
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