Serious buyers remorse. Options please?

SPC100 said:
Keep in mind the variable rate will cost you more money after some number of months, compared to the break cost.
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With respect, how can the poster predict future break costs to make such an assessment?
 
Fair point, I should have said compared to the maximum or current break costs.

I understand maximum is 6 months interest.

I expect variable rate is 1 percent higher or more than the fixed rate.
 
SPC100 said:
I understand maximum is 6 months interest
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No, it's not.

Ulster Bank is the only lender that has such a maximum cap. They don't offer a 3 year rate, so they're not the lender.

SPC100 said:
I expect variable rate is 1 percent higher or more than the fixed rate.
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Without knowing the lender, it's impossible to offer any kind of meaningful advice.
With bank of Ireland, their SVR is 1.5% higher than their fixed rates. Taking a 1 year fixed rate would mean that the break fee could only ever be a small amount, while saving 1.5% on the interest rate.
 
Thanks for correcting me on maximum! I had thought it was regulated.

I guess the general point still stands, variable will cost more per month, and if op decides not to sell they will end up out of pocket
 
SPC100 said:
I guess the general point still stands, variable will cost more per month, and if op decides not to sell they will end up out of pocket (vs fixing)
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That's exactly the point. So why recommend moving off the fixed rate onto variable in the first place?
It seems to be the only piece of advice the OP has actually taken on board, and might not have been the best option.
 
Because It sounded like they wanted out of the 3 year fixed, and I thought the bank might allow them out of fix without penalty.
 
SPC100 said:
You are very welcome! Hopefully that reduces the stress a bit.

Keep in mind the variable rate will cost you more money after some number of months, compared to the break cost.

So you should review the rate again in next few weeks.
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Thank you. You have no idea how much peace of mind it's after giving me. And after all my stress and drama, my semi-d neighbours dropped in a Best of Luck card last night. Things are looking up!!!
 
You should answer Red's question on which bank it is, because some other option might be financially better!
 
RedOnion said:
That's exactly the point. So why recommend moving off the fixed rate onto variable in the first place?
It seems to be the only piece of advice the OP has actually taken on board, and might not have been the best option.
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OP is prepared to absorb the cost in this instance. Especially if it means he can start sleeping at night.
 
CoffeeLover said:
AIB. No break fee as first payment hasn't been taken yet.
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In that case, there was no need to lose sleep. AIB cannot charge you a break fee unless the reduce both their 2 & 3 year rates below the rate you signed up to. They've extra terms and conditions in your contract that no other bank has.

But they've also got the lowest variable rates, si switching to variable is only an extra 0.5%, or 410 euro per year in your balance.
 
This is an awful feeling, I am in that position now myself, sold house jan 2020 but couldn't draw down because of TWSS at the time so stayed in parents house for almost 1yr, bought current house under a bit of pressure, not exactly what I wanted but it is a good house in a nice location and suits the family needs, school, work etc but I hate it, feel so bad as we've been through a bit of a property nightmare the past few yrs, we are in the new house since November but since weather improved we realize we are in a very lively estate with a lot of kids and the house we bought is the local goal post, we've decided to tidy it up a bit and sell in 1 to 2yrs, unfortunately its just not for us, but life too short to stay somewhere you don't want to be and sometimes you have to live somewhere for a while to really know what it's like....we live and learn
 
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