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Advice on getting out of a fixed rate mortgage

  • 04-12-2008 8:00pm
    #1
    cutymonalisa
    Registered Users, Registered Users 2 Posts: 277 ✭✭


    I have just over a year left to run on a 3 fixed rate mortgage (4.40%). Given that interest rates are down again (by.75% today) and likely to drop further again in the New Year would it be worth it to try and get out of the fixed rate and take the hit on the penalty the bank would charge for doing so? I'm gettin on to them in the morning about it but a heads up before hand would be great. Thanks!


Comments

  • #2
    ntlbell
    Registered Users, Registered Users 2 Posts: 16,288 ✭✭✭✭ntlbell


    try doing the math and see what works out best?


  • #3
    Freddie59
    Closed Accounts Posts: 6,679 ✭✭✭Freddie59


    cutymonalisa wrote: »
    I have just over a year left to run on a 3 fixed rate mortgage (4.40%). Given that interest rates are down again (by.75% today) and likely to drop further again in the New Year would it be worth it to try and get out of the fixed rate and take the hit on the penalty the bank would charge for doing so? I'm gettin on to them in the morning about it but a heads up before hand would be great. Thanks!

    they all use a mad formula for working it out. We just redeemed one for €55k (2 years into a 10-year fixed at 4.99%). Got caught for around a grand, which, I suppose, wasn't too bad.


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