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How much to break a fixed one year mortgage rate 6 mths in? (if i need to ...)

  • 18-02-2019 10:30pm
    #1
    anewme2050
    Registered Users, Registered Users 2 Posts: 13 ✭


    I can save circa 100PM on a mortgage if I go 1 year fixed versus variable. Im not prepared to go more than 1 year fixed.

    So if for what ever reason I wanted to break that 6mths in what would the penalty be?

    Is it way greater than 100 x 6 mths?

    weighing up the risk ...


Comments

  • #2
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,190 ✭✭✭✭Sleeper12


    anewme2050 wrote:
    So if for what ever reason I wanted to break that 6mths in what would the penalty be?


    It will be in the contract.

    I'm curious though, Why would you only want 12 months fixed? There's no indication that rates will fall.


  • #3
    anewme2050
    Registered Users, Registered Users 2 Posts: 13 ✭anewme2050


    Sleeper12 wrote: »
    It will be in the contract.

    I'm curious though, Why would you only want 12 months fixed? There's no indication that rates will fall.

    Why not go 2 or 3 or 4 years fixed? Because there are two people on the mortgage here and Im going to get it in my name solo within 2 years. Exactly when i dont know.


  • #4
    Wheety
    Registered Users, Registered Users 2 Posts: 5,516 ✭✭✭Wheety


    Depends on the bank. But they can't charge mad fees anymore, just what they would lose out on. So if the rate goes up since you fixed, there should be no charge.

    I broke out of a fixed rate with KBC recently and it didn't cost me anything and as far as I know the rates have remained the same. This is the wholesale rate.


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    The only people who can tell you what a breakage fee is would be your lender so ask them as they all differ on how they calculate it.


  • #6
    anewme2050
    Registered Users, Registered Users 2 Posts: 13 ✭anewme2050


    Trish56 wrote: »
    The only people who can tell you what a breakage fee is would be your lender so ask them as they all differ on how they calculate it.


    That makes perfect sense

    Will do


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  • #7
    anewme2050
    Registered Users, Registered Users 2 Posts: 13 ✭anewme2050


    Trish56 wrote: »
    The only people who can tell you what a breakage fee is would be your lender so ask them as they all differ on how they calculate it.

    Phone BOI today and ...

    I asked if I was 6 months into a 1 year variable what would the penalty be to leave?

    They cannot give a hypothetical example over the phone as Im now on variable. They dont know what the rates are going to be tomorrow so its an impossible question.

    They are posting a "breakout" example to me which I will try to make sense of.


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