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Old 28.09.2020, 18:52
exHelvetica exHelvetica is offline
Join Date: Jan 2020
Location: Devon
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Re: Early repayment of Libor Mortgage...

I was in effect unable to give notice as there was so much uncertainty over the completion of the sale.

In effect, I only knew the sale was proceeding when the notaire called me to tell me that he saw the cleared funds...

So yes, I effectively repaid the mortgage in full in mid-Aug and the Bank have determined that they are due 'compensation' at 1,5% until 31/12 which is more than I would have paid in interest (based on Libor* + their 1,2% margin) if I had been able to defer the sale until 31/12 which just seems wrong to me...

*Libor was of course negative, but that's another can of worms, TBC.
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