Hi everyone, just wondering if someone can help give me a rough estimate of my breakage cost while I am waiting for an official breakdown.
Mortgage Outstanding = €271820
Repayment Amt = €1130/pm (increased to €1500)
Interest rate (Fixed 5 years) = 2.9%
Year mortgage taken out = Nov 2018
5 year term end = Oct 2023
LTV = 80%
Gradually increased monthly repayment from €1130 to €1500 as UB allows up to 10% repayment increase.
UB charges a breakage fee of 6 months or 2,500 whichever is lesser amount. Using the details I found on one of the threads, I calculated that moving from 2.9% to 2.2% interest rate with UB will save us approx €158 repayments per month (which we can hopefully put on top of the repayment). If the breakage costs is €2500 is this worth it? I will be looking to fix for another 5 years and UB seem to have the best rates in the market although they don’t offer cash back incentives apart from €1500 legal fees. Also are the cash back incentives worth it if you end up paying a higher interest rate? Thanks in advance.
Mortgage Outstanding = €271820
Repayment Amt = €1130/pm (increased to €1500)
Interest rate (Fixed 5 years) = 2.9%
Year mortgage taken out = Nov 2018
5 year term end = Oct 2023
LTV = 80%
Gradually increased monthly repayment from €1130 to €1500 as UB allows up to 10% repayment increase.
UB charges a breakage fee of 6 months or 2,500 whichever is lesser amount. Using the details I found on one of the threads, I calculated that moving from 2.9% to 2.2% interest rate with UB will save us approx €158 repayments per month (which we can hopefully put on top of the repayment). If the breakage costs is €2500 is this worth it? I will be looking to fix for another 5 years and UB seem to have the best rates in the market although they don’t offer cash back incentives apart from €1500 legal fees. Also are the cash back incentives worth it if you end up paying a higher interest rate? Thanks in advance.