Case study Examples of zero or very low fees for breaking out of a fixed rate mortgage

Brendan Burgess

Brendan Burgess

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I have copied posts into this thread to illustrate how lenders are charging little or nothing for people to break out of their fixed rate mortgages early.

Anyone who fixed in the past, should be getting a quote from their bank.

You may have fixed 3 years ago and have two years to go.
You can break for little or nothing and fix at a much lower rate.

All it takes is a phone call and a piece of paper.

Summary of cases

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Brendan
 
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Bank of Ireland
Mortgage outstanding :150000
Date i fixed: October 15
Period: 3 years
Fixed rate :3.6%
Term left :14 months fixed at 3.6 % have 26 years left of mortgage
Breakage Fee : 585 euro..
 
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Lender: BoI
Amount of mortgage balance outstanding: €418k
Date you fixed: March 2016
Period for which you fixed: 3 Years
Fixed rate: 3.45%
Term left: 20 months (March 2019)
Breakage fee quoted: No fee
 
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We recently switched (as existing customers of KBC ) from 3.6% fixed to 2.9% with no break fund fee. Zero fuss and will roll on to new customer rates after this fixed period. Pleasure to deal with them too.
 
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Lender - Bank Of Ireland
Rough value of property - €285,000
Amount of mortgage balance outstanding - €240,000
Date you fixed - March 2017
Period for which you fixed. - 2 years
Fixed rate - 3.55%
Term left - 34yr 7mt
Breakage fee quoted - €260.

Called and got quoted €260 break free and could move to 3.2% fixed for 2 year saving approx €46 per month. Received paper work in post to complete and was delighted to see they had mistakenly given me <60%ltv rates so ticked the option for 3% fixed for 3 years. Confirmed applied to account a week later saving approx €73 a month.
 
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I am currently on a fixed rate of 3.5% with EBS. Moved from the SVR of 3.7

At the moment the breakage fee is zero.
 
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So to my surprise we received the letter from AIB stating that there is no breakout fee for us to get out of our current fixed rate. Result!! We are only in our second month of repayments so I guess that was a factor.
 
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Thought i’d would post this up as it might be of interest to a a few people. I fixed last month with B.O.I for 2 years @ 3%.

Rang up last week as I was just curious as to what or if any breakage fee there would be to leave the fixed rate. I was quoted €100 that day and they said it varies based on the markets they borrow from.

Can anybody else confirm if this is right?
 
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Hi

EBS

I moved to the lower fixed rate with no breakage fee all I had to do was sign a form and write a letter to say that I wanted to switch to the lower rate!
 
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Hi Brendan

We only drew down last month and fixed at 3.50 and switched to the 3.15, however I was told on the phone there was no breakage fee for breaking out of the fixed rate (this was before I had given account details or anything like that as I had rang out of curiosity at first).
 
Thanks very much guys for the heads up on this. I too have just availed of this.

I had fixed back in April on 3.5% and rang and asked to fix at the new rate of 3.15%. EBS confirm no breakage fee and have just sent me out the form via email to complete and send back to them. They mentioned something about having to have it back to them within 5 days.
 
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Hi,

I switched from PTSB to BOI and 1st DD on a 5 year 3.2% fixed rate was on 1st November. A couple of days later they reduced their fixed rates to 3%. I called to enquire about break fee - nothing I was informed so they sent me a form in the post to sign to get new 5 year 3% fixed rate. Got confirmation this morning that I have moved to 3%.

So easy to do and their customer service is so much better then PTSB
 
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Guys

There are somewhere around 100,000 borrowers on fixed rates who could benefit from your experience.

Would any of you be prepared to tell your story to a journalist? I feel sure I could get great publicity on this little known issue if I could give a journalist a case study. People reading the papers are not motivated by analysis by me - but if they see a picture of someone saying that they saved €70 a month just by making a phone call, they do get motivated to take action.

Brendan
 
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