Break fee

Jeremiahc

New Member
Messages
5
Hi guys rang EBS to enquirer about breaking from 3 percent to 2.90 percent and they quoted break fee of €529 3years 5 months left on 3 percent
My issue is that I broke out 3.15 to 3 percent in 2018 for no breakage fee 3years left on this rate can’t understand this they investigated this and found no reason that they are wrong or mistaken ,they just quoted calculations figures to say they correc
Have now complained to ombudsman man am I do the right thing
 

RedOnion

Frequent Poster
Messages
4,286
Hi, you'd have to provide exact dates you fixed and requested break fee, but considering interbank rates fell significantly in 2019 this looks correct (it represents a 0.2% drop in rates based on your balance).

There's a key post explaining how break fees are calculated.
 

Jeremiahc

New Member
Messages
5
Hi thanks for that still not sure how they can charge no break fee in May 2108 and ask for break fee in November 19, mortgage would have come down not a large mortgage left 38000 ,
 

oceallachain

Registered User
Messages
14
I fixed in May 2018 for 5 years at 3.00%. After that interbank lending rates fell but recently, probably due to the pandemic, they rose above what they were when I fixed.

My EBS online account is still showing a break fee of well over €2k though?
 
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