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Moving out of a Fixed Mortgage - Advice?

  • 23-02-2009 5:21pm
    #1
    Smcgie
    Registered Users, Registered Users 2 Posts: 1,379 ✭✭✭


    Hi All,
    I am currently on a 4.9% fixed mortgage rate (3 year term) with about 1&half years paid.. My repayments are in the region of 900 P/M. With interest rates at an all time low I am wondering should I break the 3 years fixed and switch to a lower interest rate. Has anyone been through this lately and if so what are the costs involved?

    Legal Fees € =
    Get out of Fixed Term € =
    Broker fees etc etc.

    If someone could give a rough estimate on the price of moving or advice on whether or not I should move I would be grateful.
    Thanks in advance


Comments

  • #2
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    It will cost you more to get out of it than you will save by doing so.

    Thats what you signed up to: interest rates go up and you save money / interest rates go down and you lose money.

    Focus on the word 'fixed'.


  • #3
    Smcgie
    Registered Users, Registered Users 2 Posts: 1,379 ✭✭✭Smcgie


    Ok, its a start but if intrest rates are down as low as 2% then surely there's some hope of it being better in the long run??


  • #4
    Paulw
    Registered Users, Registered Users 2 Posts: 13,381 ✭✭✭✭Paulw


    Contact your bank/mortgage broker and ask how much it will cost to move from fixed term to tracker or variable.

    Most likely, it will cost you more to get out of the 3 year contract than it would to wait the extra 1 1/5 years and then change.

    Your bank/mortgage broker are the best people to discuss it with, since they will have actual figures to show you.


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