Hi all,
We're almost 4 years into a 10 year fixed mortgage. We have the house up for sale and will face a hefty breakage fee when the sale goes through (hopefully in the spring). Original loan was 370k, there's about 340k left and we were quoted a breakage fee of ~22k a couple weeks back.
Before anyone says it, I know we shouldn't have fixed for that long but COVID turned everything upside down for us in terms of working from home, where we have to live etc.
Have I any options open to me apart from sucking it up and paying the fee? Short term interest rates had been rising up until last week which was helping bring the fee down but they've dropped considerably in the past few days bring the fee back up again.
We're almost 4 years into a 10 year fixed mortgage. We have the house up for sale and will face a hefty breakage fee when the sale goes through (hopefully in the spring). Original loan was 370k, there's about 340k left and we were quoted a breakage fee of ~22k a couple weeks back.
Before anyone says it, I know we shouldn't have fixed for that long but COVID turned everything upside down for us in terms of working from home, where we have to live etc.
Have I any options open to me apart from sucking it up and paying the fee? Short term interest rates had been rising up until last week which was helping bring the fee down but they've dropped considerably in the past few days bring the fee back up again.