Breakage Fee

Hi guys
Hope someone can help me here
Recently drawndown mort. the principle amount has changed over 2 days. therfore increasing monthly repmt (we're on fixed rate) when i call bank today they said it was a breakage fee for coming off fixed rate i adviced them i had not.
they stated the fee will be refunded when we come off our fixed rate in few yrs.

is this true??? I cant understand why we will be charged for breaking a fix rate when we havent????

Are you saying you drew down a new mortgage and the bank mistakenly added a breakage fee to your account which you are paying interest on and won't reverse it until you come off your fixed rate?

If that is the case, that's outrageous and completely unacceptable. Tell them you wanted it reversed asap or you will lodge a complaint and then contact the financial regulator.

yes it was new mortgage only drawdown 05/07. im going to ring again maybe i was talking to someone without a clue.

Well guys i rang 3 times back till i got someone different turns out it was what i thought the interest over 2 days
The first girl I was talking too must just said anything to get me off phone.

Hi J

This makes very little sense.

Did you draw down the mortgage in May 2007 or recently?

How much is the mortgage and how much did the principal increase by?

Brendan

I think he means that the mortgage was drawn on the 5th of July this year - 05/07/10. It would help if the OP took a bit more time to make sure the posts are readable.