BOS - Buying out of Fixed rate amount

[flanner]

Hi there

I am seriously thinking of buying out the last year and a half of my fixed rate term so i can lower my mortgage repayments or even the amount of years that i owe it back for.

I have been on to BOS/Halifax and they said they will send a letter out to myself just wondering if anyone has any idea what amount they charge as from most banks i am hearing totally different amounts.

Thanks in advance

 

[ellederf]

I have a fixed rate of 4.92% have been quoted 7000 euro for returning to tracker - understand why banks charge fee but really confused about how to work out whether its worth my while to break fixed or not - new rate would be 2.3% mortgage is 271000? anyone know simple calculation technique?
Also when we changed to a fixed 2 years ago we never received a new contract - should we have? while first mortgage contract, which was based on our original tracker rate, states about redemption fee should we not have received a new contract when conditions of mortgage changed ie we changed to fixed?
please help - loosing sleep trying to decide what to do

 

[Don_08]

ellederf,

if you go to www.jeacle.ie/mortgage and input your mortgage details using both interest rates you should be able to work out the monthly difference. Then multiply by time remaining on fixed term. All depends on whether variable interest rates rise or not though of course.