It is illegal (under the [broken link removed] as far as I know) for any lender to charge penalties for (part or full) early redemption of the capital sum borrowed under an owner occupier variable (including tracker) rate mortgage. Note that this does not preclude them from placing a limit on the minimum capital repayment amount that they will accept (e.g. some lenders will only take unscheduled capital repayments of €1K or more).Hi,
Does the NIB LTV variable rate/ECB tracker mortgage have any penalties for early repayment of the mortgage in any year?
This makes absolutely no sense to me. Perhaps you can explain in more detail what they said and what you understand them to mean?I was just in with NIB yesterday about a new mortgage. Even with the variable mortgage, you can pay a lump sum off the mortgage but the amount payable each month remains the same for three years... Every three years you have the opportunity to get your house revalued and your payments recalculated.
OK - the LTV can only be reviewed after three years but surely the monthly repayments are not fixed for three years as stated above?
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