Would like people's opinions on this as I'm not sure what to do.
Stupidly got a 3 yr fixed mortgage in 2007 at 5.24%, variable rate is now 4.13%. 21 months left on fixed mortgage and breakage fee is roughy €10,050. If i dropped to the variable rate now at 4.13% I would pay around €300 less on my mortgage each month but my outstanding balance would increase by €10,050.
21 months * 300 = €6,300
Breakage fee = €10,050
Is the right choice to see out my fixed term? Or to take the hit on the breakage fee and hope they pass on the future rate cuts?
Have to make a decision tomorrow before the ECB meeting on Thursday.