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07-02-2020, 14:01   #271
browne_rob5
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Originally Posted by TakeTheVeil View Post
For €300,000+ mortgages, any obvious reasons not to avail of EBS 2% cashback with 1 year fixed rate 2.9,...and then switch to KBC/Ulster for lower rate this time next year (other than the risk of rates increasing over the next year)?
Sounds like a good plan and cant see a reason not to.
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07-02-2020, 21:52   #272
flugel
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We got AIB down from a near 5k breakage fee down to near 900! Now Ulster bank aren’t charging us anything to switch from their 2.6% fixed to 2.2% fixed. EU rules mean that a bank can only charge you a break fee based on what it would cost them to finance the remaining principle plus admin costs. AIB in particular weren’t following this until approx July 2019.
How did you get AIB to lower breakage fee?

I'm with BOI, 3 years through a 5 year fixed. The breakage fee I'm being quoted is north of 2k, and that's to stay with BOI on a lower rate.

If I leave BOI there's also a redemption fee, again it's considerable.

I do have over 20 years left on lifetime of mortgage so unless that's what's working against me
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07-02-2020, 22:13   #273
BBMcQ
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How did you get AIB to lower breakage fee?

I'm with BOI, 3 years through a 5 year fixed. The breakage fee I'm being quoted is north of 2k, and that's to stay with BOI on a lower rate.

If I leave BOI there's also a redemption fee, again it's considerable.

I do have over 20 years left on lifetime of mortgage so unless that's what's working against me
We were 2 years into a 34 year mortgage. My other half fought tooth and nail and basically forced AIB to change their rules! All the way through, we asked for the calculations of the breakage fees. The folks on askaboutmoney are brilliant with advice also.
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08-02-2020, 09:07   #274
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Very good thread, I didn't realise the fees could be so low.
I'm 1 year into a 28 year mortgage with KBC (3.2% fixed for 3 years). Rang them recently to ask what the break fee was to pay off a lump sum and they quoted me 250ish over the phone.
Is that number based on the lump sum amount?
Also, would it be a good idea to try to get onto a lower rate at the same time as paying the lump sum?
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08-02-2020, 21:08   #275
Q&A
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Very good thread, I didn't realise the fees could be so low.
I'm 1 year into a 28 year mortgage with KBC (3.2% fixed for 3 years). Rang them recently to ask what the break fee was to pay off a lump sum and they quoted me 250ish over the phone.
Is that number based on the lump sum amount?
Also, would it be a good idea to try to get onto a lower rate at the same time as paying the lump sum?
If you didn't specify the amount you wanted to break my guess is it's for the whole amount. You can always clarify with them.

Looking at the rates that KBC currently offer you can definitely do better. 3 Year >80-90% LTV is currently 2.85%. Lower LTVs are better still.

https://www.kbc.ie/our-products/mort...mortgage-rates
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08-02-2020, 21:39   #276
Cyrus
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Originally Posted by fjon View Post
Very good thread, I didn't realise the fees could be so low.
I'm 1 year into a 28 year mortgage with KBC (3.2% fixed for 3 years). Rang them recently to ask what the break fee was to pay off a lump sum and they quoted me 250ish over the phone.
Is that number based on the lump sum amount?
Also, would it be a good idea to try to get onto a lower rate at the same time as paying the lump sum?
The 250 is the penalty on the partial redemption that you enquired about to move will incur a full breakage fee
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08-02-2020, 21:56   #277
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The 250 is the penalty on the partial redemption that you enquired about to move will incur a full breakage fee
To move to a lower rate? Or to move to a different bank?
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08-02-2020, 22:06   #278
Cyrus
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To move to a lower rate? Or to move to a different bank?
It normally doesn’t matter as it amounts to the same thing
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09-02-2020, 23:00   #279
Etnies
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Originally Posted by flugel View Post
How did you get AIB to lower breakage fee?

I'm with BOI, 3 years through a 5 year fixed. The breakage fee I'm being quoted is north of 2k, and that's to stay with BOI on a lower rate.

If I leave BOI there's also a redemption fee, again it's considerable.

I do have over 20 years left on lifetime of mortgage so unless that's what's working against me
I've broken twice in 2 years on a 35 year mortgage both times on a 5 year fixed, first was 250 second was free. Now on 2.5% the lowest AIB offer.
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10-02-2020, 09:15   #280
deco72
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I've broken twice in 2 years on a 35 year mortgage both times on a 5 year fixed, first was 250 second was free. Now on 2.5% the lowest AIB offer.
What banks were you with that the rate was so low to break the fixed term? I just broke away from AIB and moved to TSB.

Does anyone know how much the breakage fee is with TSB?
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10-02-2020, 09:19   #281
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I've just moved from a Variable Rate of 3.7% with AIB to the 2.5% 5 year fixed rate they offered. I wonder if they see some sort of recession coming and are trying to shore down as many 5 year rates as possible.
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10-02-2020, 09:27   #282
Cyrus
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I've broken twice in 2 years on a 35 year mortgage both times on a 5 year fixed, first was 250 second was free. Now on 2.5% the lowest AIB offer.
It’s all to do with inter bank rates and when you fixed and for how long

Break fees were low or nil for a lot of people who fixed in 2017 and broke out in 2018
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10-02-2020, 09:45   #283
MB Lacey
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I've just moved from a Variable Rate of 3.7% with AIB to the 2.5% 5 year fixed rate they offered. I wonder if they see some sort of recession coming and are trying to shore down as many 5 year rates as possible.
I'm with AIB on their 3.15% Var, saw that 2.5% 5 yr fixed and got very excited.
Glad you got it - but looking into it, not a chance my house would get a decent BER certificate.

I'm going to go for the 2.75% 3 yr fixed instead - unless anyone has seen any better offers?
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10-02-2020, 09:50   #284
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Originally Posted by MB Lacey View Post
I'm with AIB on their 3.15% Var, saw that 2.5% 5 yr fixed and got very excited.
Glad you got it - but looking into it, not a chance my house would get a decent BER certificate.

I'm going to go for the 2.75% 3 yr fixed instead - unless anyone has seen any better offers?

UlsterBank “high value” mortgage >300k 2.2% fixed for 5 years
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10-02-2020, 09:55   #285
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For anyone receiving TRS, make sure to add up all the payments you've received since 2012 (or earlier) against what you're supposed to have received.

I found I'm €850 short.

Probably need to get this sorted before I move provider.
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