Advertisement
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
If we do not hit our goal we will be forced to close the site.

Current status: https://keepboardsalive.com/

Annual subs are best for most impact. If you are still undecided on going Ad Free - you can also donate using the Paypal Donate option. All contribution helps. Thank you.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.

Break fund fee

  • 28-10-2020 08:08PM
    #1
    dingdongdessie
    Registered Users, Registered Users 2 Posts: 3 ✭


    I’m looking to leave a fixed 10 year mortgage with KBC. I’ve 7 years left on it. It was on 2.99% . And I’m looking to take out a new mortgage with them on a new gaff that I’m moving to on a rate of 2.25%. Now I figured there maybe a penalty. But they are looking to recoup 28k from me for the privilege of breaking the agreement. This is obviously an astronomical sum of money. I expected it to be a grand or three. But nothing near this. Anyone else ever get hit with a figure like this? Or explain how this is okay?


Comments

  • #2
    Timing belt
    Registered Users, Registered Users 2 Posts: 3,619 ✭✭✭Timing belt


    dingdongdessie wrote: »
    I’m looking to leave a fixed 10 year mortgage with KBC. I’ve 7 years left on it. It was on 2.99% . And I’m looking to take out a new mortgage with them on a new gaff that I’m moving to on a rate of 2.25%. Now I figured there maybe a penalty. But they are looking to recoup 28k from me for the privilege of breaking the agreement. This is obviously an astronomical sum of money. I expected it to be a grand or three. But nothing near this. Anyone else ever get hit with a figure like this? Or explain how this is okay?

    The bank will have arranged funding for the 2.99% mortgage. If you break your mortgage the will break the funding deal and pass on the cost to you plus a fee say 500 euro.


  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 14,681 ✭✭✭✭Geuze


    dingdongdessie wrote: »
    I’m looking to leave a fixed 10 year mortgage with KBC. I’ve 7 years left on it. It was on 2.99% . And I’m looking to take out a new mortgage with them on a new gaff that I’m moving to on a rate of 2.25%. Now I figured there maybe a penalty. But they are looking to recoup 28k from me for the privilege of breaking the agreement. This is obviously an astronomical sum of money. I expected it to be a grand or three. But nothing near this. Anyone else ever get hit with a figure like this? Or explain how this is okay?

    The people on AAM are good on these calculations, if you want to check.


Advertisement