Kbc fixed rate early exit?

Hi,
I am on a 5 year fixed rate @ 2.6% with KBC. It is due to end in 2023, which I'm guessing might be terrible timing as the fixed rates available in 2023 might not be great?!

Seeing as KBC is exiting the market in 2022, would I be allowed to exit the 5 year fixed early without a breakage fee?

Thanks...

Boatbuilder said:

Seeing as KBC is exiting the market in 2022, would I be allowed to exit the 5 year fixed early without a breakage fee?

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Very unlikely. I have not heard of anybody being successful when they attempted to do this.

• When did you fix with KBC (year and month)?
• What is your outstanding mortgage balance?
• How long is left on your mortgage?
• What is your LTV?
• What is your BER?

We fixed for 5 years with Kbc in Sept 2018 (exiting fixed rate of 2.6% in Sept 2023).
Mortgage balance in Sept 2023 will be around 100k.
There will be 10 years left in 2023.
LTV not sure of that. Property was valued at 230k in 2018.
Ber I think is B

Boatbuilder said:

We fixed for 5 years with Kbc in Sept 2018 (exiting fixed rate of 2.6% in Sept 2023).
Mortgage balance in Sept 2023 will be around 100k.
There will be 10 years left in 2023.
LTV not sure of that. Property was valued at 230k in 2018.
Ber I think is B

Click to expand...

Your break fee right now is only around €1,000 (but call up KBC and ask them to calculate it for you).

Your LTV is very likely to be less than 50% right now.

You could switch to Avant's 1.95% rate (fixed for 3, 4, 5 or 7 years) and save about €700 per year in interest. It seems like a good choice.

All other things being equal, the break fee will fall by about €50 per month, but the risk is that Avant and others might increase their rates if you wait too long.

Note that if you switch to Avant before April and you use a broker who is an Avant "Gold Partner", you will get €1,500 cashback, which should cover your solicitor's and valuation fees.

My fixed rate break (1.5 years to go) was calculated as 750 in December with KBC. It was 196 euro when I phoned again at the end of January.