Key Post Switch or re-fix my mortgage? Breakage fee calculator and savings estimates for your case (Ireland)

twelve said:
  • Current lender - ptsb
  • Outstanding mortgage balance (how much you still owe) - 180000
  • Approximate value of your property - 360000
  • The date you started your fixed-rate mortgage (month and year) N/A
  • How many years you fixed for - n/a
  • Your current mortgage interest rate 2.3% [a "mover" tracker]
  • Your current monthly repayment (excluding any overpayments) 900
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary A2
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when No
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@twelve Because you are on a variable-rate mortgage, you do not have to pay a break fee. (There may be a small break fee on the topup mortgage.)

If you switch to any of the below products you will no longer have your tracker.
  • Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €2,560 over the next 4 years

  • Switching immediately to AIB's 5-year green fixed rate (2.1% with €2,000 cashback) will save you about €1,900 over the next 4 years
    • And it is quite likely that you will be able to make unlimited overpayments without penalty for the foreseeable future (see this thread)

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €880 over the next 4 years

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will leave you worse off by about €480 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will leave you worse off by about €1,160 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will leave you worse off by about €2,180 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will leave you worse off by about €2,180 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Finance Ireland's 20-year fixed rate (2.5% with no cashback) will leave you worse off by about €2,860 over the next 4 years – but with the even-longer security of 20 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Avant Money's "One Mortgage" (a 2.5% fixed rate with no cashback) will leave you worse off by about €2,860 over the next 4 years – and the interest rate will remain fixed for the remainder of your mortgage term

  • Switching immediately to Permanent TSB's 5-year green fixed rate (2.8% with 2% monthly cashback) will leave you worse off by about €3,560 over the next 4 years. But it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • You would no longer have your tracker in this scenario
These savings estimates use for comparison the scenario of staying on the 2.3% tracker rate with Permanent TSB and assume that that rate doesn't change between now and May 2026 (which is very unlikely). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).
 
Paul F said:
@twelve Because you are on a variable-rate mortgage, you do not have to pay a break fee. (There may be a small break fee on the topup mortgage.)

If you switch to any of the below products you will no longer have your tracker.
  • Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €2,560 over the next 4 years

  • Switching immediately to AIB's 5-year green fixed rate (2.1% with €2,000 cashback) will save you about €1,900 over the next 4 years
    • And it is quite likely that you will be able to make unlimited overpayments without penalty for the foreseeable future (see this thread)

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €880 over the next 4 years

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will leave you worse off by about €480 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will leave you worse off by about €1,160 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will leave you worse off by about €2,180 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will leave you worse off by about €2,180 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Finance Ireland's 20-year fixed rate (2.5% with no cashback) will leave you worse off by about €2,860 over the next 4 years – but with the even-longer security of 20 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Avant Money's "One Mortgage" (a 2.5% fixed rate with no cashback) will leave you worse off by about €2,860 over the next 4 years – and the interest rate will remain fixed for the remainder of your mortgage term

  • Switching immediately to Permanent TSB's 5-year green fixed rate (2.8% with 2% monthly cashback) will leave you worse off by about €3,560 over the next 4 years. But it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • You would no longer have your tracker in this scenario
These savings estimates use for comparison the scenario of staying on the 2.3% tracker rate with Permanent TSB and assume that that rate doesn't change between now and May 2026 (which is very unlikely). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).
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Thanks a mill PaulF, great advice there, appreciate the time and the info!
 
Athena said:
Current lender - Bank of Ireland
Outstanding mortgage balance (how much you still owe) €146,232
Approximate value of your property - €300,000
The date you started your fixed-rate mortgage (month and year) March 2018
How many years you fixed for - 5 years
Your current mortgage interest rate - 3%
Your current monthly repayment (excluding any overpayments) €905.60
Your property's BER (Building Energy Rating) – A3
Are you due to get extra cashback from your current lender in the future - No
Click to expand...
Your break fee should be around €300 at the moment – but it is volatile because wholesale interest rates are volatile, so confirm it with Bank of Ireland (and please post it here when you receive it, including the date of the letter).
  • Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €5,640 over the next 4 years

  • Switching immediately to AIB's 5-year green fixed rate (2.1% with €2,000 cashback) will save you about €5,100 over the next 4 years
    • And it is quite likely that you will be able to make unlimited overpayments without penalty for the foreseeable future (see this thread)

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €3,860 over the next 4 years

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will save you about €2,800 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will save you about €2,260 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will save you about €1,440 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will save you about €1,440 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Avant Money's "One Mortgage" (a 2.5% fixed rate with no cashback) will save you about €920 over the next 4 years – and the interest rate will remain fixed for the remainder of your mortgage term (approximately 17 years)

  • Switching immediately to Bank of Ireland's 5-year fixed rate (3.0% with no cashback) will leave you worse off by about €300 over the next 4 years. But it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

These savings estimates use for comparison the scenario of switching to the 3.0% rate with Bank of Ireland when the current fixed rate ends. And that's assuming that Bank of Ireland are even offering a 3.0% rate in March 2023 – it could be higher (or lower). The estimates also account for any fees (break fee, solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

Athena said:
I’m trying to decide whether to break early and fix the interest rate again. I am looking at adding an extension but I’m unsure how long off that will be with the current price hikes and difficulty getting a builder.
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If you do decide to switch to another lender, you will need to research their attitudes to giving topup mortgages (if you are going to need one). Have a look at this thread and this thread, and contact the lenders themselves. AIB have a section of their website dedicated to topup mortgages.
 
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Paul F said:
Your break fee should be around €300 at the moment – but it is volatile because wholesale interest rates are volatile, so confirm it with Bank of Ireland (and please post it here when you receive it, including the date of the letter).



If you do decide to switch to another lender, you will need to research their attitudes to giving topup mortgages (if you are going to need one). Have a look at this thread and this thread, and contact the lenders themselves. AIB have a section of their website dedicated to topup mortgages.
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Thank you for that. I do need a top up mortgage.
 
Update:
I recently switched from PTSB to AIB Green Rate 2.15%.

I have current account with AIB and AIB has sent a letter on Friday stating that given we have switched mortgage with them, they will not charge us the maintenance fees for the current account.
Happy Days

P.S. when do we expect the €2000 from AIB?
 
Just wondering, as the process to switch can take up to 3 months to complete do most people generally move to a variable rate with thier bank while they are waiting for the switch? or are people just taking the chance and staying put in the hope that the break fee is still zero when it actually comes to the switch? Moving to a variable rate will cost me around 250 euro extra a month while i wait so i'm unsure wether to break now or not.
 
  • Current lender: AIB
  • Outstanding mortgage balance (how much you still owe): €184,000
  • Approximate value of your property: €480,000
  • The date you started your fixed-rate mortgage (month and year): N/A
  • How many years you fixed for: N/A
  • Your current mortgage interest rate: 2.95% variable rate
  • Your current monthly repayment (excluding any overpayments): €895
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary: A3
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
Hi,

Thanks a million for offering help on this. I’m currently on a variable, and minded to move house in about 18 months time, although hard to be certain in the current environment. My house was built in 2014 as part of an estate, all with BER certs of A3, but I found out recently that the current cert is invalid and that I’d have to go and pay to get another one in order to take advantage of green mortgage rates. I’m wondering if fixing with AIB on, say, their 3 year <50% at 2.35% is a one way bet.



Thanks again
 
Current lender: PTSB
Outstanding mortgage balance: 257k
Approximate value of your property: 450k
The date you started your fixed-rate mortgage: November 21
How many years you fixed for: 3
Your current mortgage interest rate: 2.5%
Your current monthly repayment: €1050
Your property's BER: C3
Are you due to get extra cashback from your current lender in the future: €2600 in November 2026

Hi Paul
PTSB have confirmed that I have a zero break rate at the minute but when I looked to move to a longer term fixed rate the best rate they're offering is 3% for a 5 year fixed mortgage.
Not sure if it's worth my while changing banks or will PTSB seek to recover cashback received on drawdown of existing mortgage (c €5k)
Thanks
Paddy
 
  • Current lender: KBC
  • Outstanding mortgage balance (how much you still owe): €268,000
  • Approximate value of your property: €480,000
  • The date you started your fixed-rate mortgage (month and year): Dec 2019
  • How many years you fixed for: 3
  • Your current mortgage interest rate: 2.6 fixed rate
  • Your current monthly repayment (excluding any overpayments): €1148
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary: C2
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
Thank you so much! Starting to get worried that we should have switched months ago when I hear of these delays, and also worried that we will be charged a hefty break fee.
 
razor842 said:
Just wondering, as the process to switch can take up to 3 months to complete do most people generally move to a variable rate with thier bank while they are waiting for the switch? or are people just taking the chance and staying put in the hope that the break fee is still zero when it actually comes to the switch? Moving to a variable rate will cost me around 250 euro extra a month while i wait so i'm unsure wether to break now or not.
Click to expand...
You're only going to have a break fee in the next few months if certain interbank rates fall by a bit. I can't exactly quantify "a bit" because I don't know the exact interbank rates that BOI use. But they are probably quite similar to this rate and this rate, and you can see that the trend has been distinctly upwards in the last few months. Ultimately, though, it's your call.
 
Martonius said:
  • Current lender: AIB
  • Outstanding mortgage balance (how much you still owe): €184,000
  • Approximate value of your property: €480,000
  • The date you started your fixed-rate mortgage (month and year): N/A
  • How many years you fixed for: N/A
  • Your current mortgage interest rate: 2.95% variable rate
  • Your current monthly repayment (excluding any overpayments): €895
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary: A3
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
Click to expand...
Because you are on a variable-rate mortgage, you do not have to pay a break fee.
  • Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €5,620 over the next 3 years

  • Switching immediately to AIB's 5-year green fixed rate (2.1% with no cashback) will save you about €4,380 over the next 3 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • And it is quite likely that you will be able to make unlimited overpayments without penalty for the foreseeable future (see this thread)
    • And for the same reason it is quite likely that there will be no break fee if you break out of this rate in, e.g., 18 months' time when you move
    • You will need a new BER cert but that is not very expensive compared to the savings. Consider using https://www.bercert.com/ to get quotes, but also search using Google and Facebook, etc.

  • Switching immediately to AIB's 3- or 5-year fixed rate (2.35% with no cashback) will save you about €3,040 over the next 3 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will save you about €2,240 over the next 3 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will save you about €1,440 over the next 3 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will save you about €1,440 over the next 3 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Finance Ireland's 20-year fixed rate (2.5% with no cashback) will save you about €920 over the next 3 years – but with the even-longer security of 20 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Avant Money's "One Mortgage" (a 2.5% fixed rate with no cashback) will save you about €920 over the next 3 years – and the interest rate will remain fixed for the remainder of your mortgage term (approximately 24 years)

These savings estimates use for comparison the scenario of staying on the variable rate with AIB and assume that that rate doesn't change between now and May 2025 (which is unlikely). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland's 10-year and longer fixed rates you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

Some of the above lenders will only let you switch to them if you have had a mortgage with your current lender for at least 12 months. See this thread for more details.
 
Paddygreen34 said:
Current lender: PTSB
Outstanding mortgage balance: 257k
Approximate value of your property: 450k
The date you started your fixed-rate mortgage: November 21
How many years you fixed for: 3
Your current mortgage interest rate: 2.5%
Your current monthly repayment: €1050
Your property's BER: C3
Are you due to get extra cashback from your current lender in the future: €2600 in November 2026
Click to expand...
  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €4,860 over the next 4 years

  • Switching immediately to AIB's 4-year fixed rate (2.2% with €2,000 cashback) will save you about €4,420 over the next 4 years

  • Switching immediately to Haven's 5-year fixed rate (2.55% with €5,000 cashback) will save you about €3,940 over the next 4 years

  • Switching immediately to Haven's 7-year fixed rate (2.65% with €5,000 cashback) will save you about €2,940 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will save you about €2,880 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will save you about €1,900 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will save you about €400 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will save you about €400 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Permanent TSB's 5- or 7-year fixed rate (3.0% with no monthly cashback) will leave you worse off by about €3,540 over the next 4 years. But it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

You say that you are due to get a further €2,600 in November 2026 but Permanent TSB do not offer this. (They offer 2% of your monthly repayments in cashback every month, which is what I have assumed in the above savings estimates.) Have you made a mistake?

These savings estimates use for comparison the scenario of switching to the 2.95% rate with Permanent TSB when the current fixed rate ends. And that's assuming that Permanent TSB are even offering a 2.95% rate in November 2024 – it could be higher (or lower). You would continue to get the Permanent TSB monthly cashback until November 2024 in such a scenario. The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

Some of the above lenders will only let you switch to them if you have had a mortgage with your current lender for at least 12 months, but in the case of AIB it is only 6 months. See this thread for more details.

If you want savings estimates for longer-term fixed rates, let me know.

Paddygreen34 said:
Not sure if it's worth my while changing banks or will PTSB seek to recover cashback received on drawdown of existing mortgage (c €5k)
Click to expand...
Lenders are not allowed to claw back any cashback that they have given you if you decide to switch.
 
catherineo said:
  • Current lender: KBC
  • Outstanding mortgage balance (how much you still owe): €268,000
  • Approximate value of your property: €480,000
  • The date you started your fixed-rate mortgage (month and year): Dec 2019
  • How many years you fixed for: 3
  • Your current mortgage interest rate: 2.6 fixed rate
  • Your current monthly repayment (excluding any overpayments): €1148
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary: C2
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
Click to expand...
Your break fee should be zero at the moment – but it is volatile because wholesale interest rates are volatile, so confirm it with KBC (and please post it here when you receive it, including the date of the letter).
  • Switching immediately to Permanent TSB's 5-year fixed rate (2.55% with €5,360 initial cashback and 2% monthly cashback) will save you about €3,460 over the next 4 years
    • Note that Permanent TSB discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Permanent TSB customer, the best rate you would be able to switch to today is 2.95%
    • So if you switch to them now, you will not be eligible to switch to one of their low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €3,440 over the next 4 years

  • Switching immediately to AIB's 4-year fixed rate (2.2% with €2,000 cashback) will save you about €2,920 over the next 4 years

  • Switching immediately to Haven's 5-year fixed rate (2.55% with €5,000 cashback) will save you about €2,300 over the next 4 years

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will save you about €1,400 over the next 4 years

  • Switching immediately to Haven's 7-year fixed rate (2.65% with €5,000 cashback) will save you about €1,260 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will save you about €360 over the next 4 years – but with the even-longer security of 7 years on a fixed rate

  • Switching immediately to KBC's 5-year fixed rate (2.4% with no cashback) will save you about €160 over the next 4 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • Note that if you decide to do this, your mortgage will soon move onto Bank of Ireland's books, and they discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Bank of Ireland customer, the best rate you would be able to switch to today is 3%
    • So if you switch to this KBC offer now, you will probably not be eligible to switch to one of Bank of Ireland's low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will leave you worse off by about €1,180 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will leave you worse off by about €1,180 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to KBC's 10-year fixed rate (2.85% with no cashback) will leave you worse off by about €4,520 over the next 4 years – but with the even-longer security of 10 years on a fixed rate. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • The same warnings as above regarding higher Bank of Ireland rates in the future apply

These savings estimates use for comparison the scenario of switching to the 2.40% rate with KBC when the current fixed rate ends. And that's assuming that KBC (or Bank of Ireland, if they have taken over your mortgage by then) are even offering a 2.40% rate in December 2022 – it could be higher (or lower). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

If you want savings estimates for longer-term fixed rates, let me know.
 
Many thanks for taking the time to answer Paul...really appreciate it.

I thought I was due back 1% after 5 years with PTSB....maybe I confused myself as I was also talking to EBS when I was taking out the mortgage.

Thanks for confirming that there's no clawback of monies received at drawdown....seems like a no brainer to jump to a lower rate given the savings involved.

Paddy
Paul F said:
  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €4,860 over the next 4 years

  • Switching immediately to AIB's 4-year fixed rate (2.2% with €2,000 cashback) will save you about €4,420 over the next 4 years

  • Switching immediately to Haven's 5-year fixed rate (2.55% with €5,000 cashback) will save you about €3,940 over the next 4 years

  • Switching immediately to Haven's 7-year fixed rate (2.65% with €5,000 cashback) will save you about €2,940 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will save you about €2,880 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will save you about €1,900 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will save you about €400 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will save you about €400 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Permanent TSB's 5- or 7-year fixed rate (3.0% with no monthly cashback) will leave you worse off by about €3,540 over the next 4 years. But it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

You say that you are due to get a further €2,600 in November 2026 but Permanent TSB do not offer this. (They offer 2% of your monthly repayments in cashback every month, which is what I have assumed in the above savings estimates.) Have you made a mistake?

These savings estimates use for comparison the scenario of switching to the 2.95% rate with Permanent TSB when the current fixed rate ends. And that's assuming that Permanent TSB are even offering a 2.95% rate in November 2024 – it could be higher (or lower). You would continue to get the Permanent TSB monthly cashback until November 2024 in such a scenario. The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

Some of the above lenders will only let you switch to them if you have had a mortgage with your current lender for at least 12 months, but in the case of AIB it is only 6 months. See this thread for more details.

If you want savings estimates for longer-term fixed rates, let me know.


Lenders are not allowed to claw back any cashback that they have given you if you decide to switch.
Click to expand...
 
Current lender: KBC
Outstanding mortgage balance: 137k
Approximate value of your property: 285k
The date you started your fixed-rate mortgage: Jan 2020
How many years you fixed for: 5
Your current mortgage interest rate: 2.65%
Your current monthly repayment: €1,232
Your property's BER: N/A
Are you due to get extra cashback from your current lender in the future: No

Thanks for your help with this. I have called KBC and they have confirmed breakage fee is zero, I'm just not sure whether it would make more sense to have the house revalued to get a better rate with KBC or to switch to another bank. We have no plans to move in the future.
 
Current lender - Bank of ireland
Outstanding mortgage balance (how much you still owe) - 303000
Approximate value of your property - 460000 maybe more
The date you started your fixed-rate mortgage (month and year) - Jan 2019
How many years you fixed for - 5
Your current mortgage interest rate - 3%
Your current monthly repayment - 1390.58 (excluding any overpayments)
Your property's BER (Building Energy Rating) – A3
Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when - 1% at 5 years 3300

Been told by BOI that the breakage fee at the moment is zero.
 
Last edited:
Jen1234 said:
Current lender: KBC
Outstanding mortgage balance: 137k
Approximate value of your property: 285k
The date you started your fixed-rate mortgage: Jan 2020
How many years you fixed for: 5
Your current mortgage interest rate: 2.65%
Your current monthly repayment: €1,232
Your property's BER: N/A
Are you due to get extra cashback from your current lender in the future: No
Click to expand...
  • Switching immediately to AIB's 5-year fixed rate (2.35% with €2,000 cashback) will save you about €1,400 over the next 4 years

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €1,220 over the next 4 years

  • Switching immediately to KBC's 5-year fixed rate (2.4% with no cashback) will save you about €460 over the next 4 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • Note that if you decide to do this, your mortgage will soon move onto Bank of Ireland's books, and they discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Bank of Ireland customer, the best rate you would be able to switch to today is 3%
    • So if you switch to this KBC offer now, you will probably not be eligible to switch to one of Bank of Ireland's low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will save you about €300 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will leave you worse off by about €180 over the next 4 years – but with the even-longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will leave you worse off by about €860 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10-year fixed rate (2.4% with no cashback) will leave you worse off by about €860 over the next 4 years – but with the even-longer security of 10 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to KBC's 10-year fixed rate (2.85% with no cashback) will leave you worse off by about €1,620 over the next 4 years – but with the even-longer security of 10 years on a fixed rate. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • The same warnings as above regarding higher Bank of Ireland rates in the future apply

These savings estimates use for comparison the scenario of switching to the 2.25% rate with KBC when the current fixed rate ends. And that's assuming that KBC (or Bank of Ireland, if they have taken over your mortgage by then) are even offering a 2.25% rate in January 2025 – it could be higher (or lower). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

It may seem like it is not worth switching to another lender but bear in mind that your mortgage will soon be owned by Bank of Ireland, whose rates are much higher than KBC's. So if you don't switch now, you might find that you really want to switch in a few years' time, at which point rates might be higher (and it might be impossible to switch if your financial situation has deteriorated).

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

The estimates also assume that your loan-to-value ratio (LTV) really is below 50% so that you are eligible for the listed AIB rate. (The other listed rates only require an LTV of less than 60%.) Your LTV estimate is 137.0k/285.0k = 48.1%. If you get a valuation of less than €274k, you will need to make a few more monthly mortgage payments and/or a small overpayment to get the LTV below 50%. But that is not a reason to delay the switch – i.e., you can start the switch immediately.
 
Last edited:
Ryan98 said:
Current lender - Bank of ireland
Outstanding mortgage balance (how much you still owe) - 303000
Approximate value of your property - 460000 maybe more
The date you started your fixed-rate mortgage (month and year) - Jan 2019
How many years you fixed for - 5
Your current mortgage interest rate - 3%
Your current monthly repayment - 1390.58 (excluding any overpayments)
Your property's BER (Building Energy Rating) – A3
Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when - 1% at 5 years 3300
Click to expand...
  • Switching immediately to Permanent TSB's 5-year green fixed rate (2.35% with €6,060 initial cashback and 2% monthly cashback) will save you about €9,860 over the next 4 years
    • Note that Permanent TSB discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Permanent TSB customer, the best rate you would be able to switch to today is 2.95%
    • So if you switch to them now, you will not be eligible to switch to one of their low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €8,900 over the next 4 years

  • Switching immediately to AIB's 5-year green fixed rate (2.15% with €2,000 cashback) will save you about €7,160 over the next 4 years
    • And it is quite likely that you will be able to make unlimited overpayments without penalty for the foreseeable future (see this thread)

  • Switching immediately to AIB's 4-year fixed rate (2.2% with €2,000 cashback) will save you about €6,580 over the next 4 years

  • Switching immediately to Haven's 5-year fixed rate (2.55% with €5,000 cashback) will save you about €5,500 over the next 4 years

  • Switching immediately to Haven's 7-year fixed rate (2.65% with €5,000 cashback) will save you about €4,340 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 7-year fixed rate (2.35% with no cashback) will save you about €2,800 over the next 4 years – but with the even-longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.5% with no cashback) will save you about €1,060 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.55% with no cashback) will save you about €480 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below
    • And your interest rate (initially 2.55%) will automatically fall as time passes and you move into lower loan-to-value (LTV) brackets. See the section "How we decide rate reductions" on this page.

  • Switching immediately to Bank of Ireland's 5-year fixed rate (3.0% and you would get the 1% (€3,300) cashback) will leave you worse off by about €160 over the next 4 years. But it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

These savings estimates use for comparison the scenario of switching to the 3.0% rate with Bank of Ireland when the current fixed rate ends. And that's assuming that Bank of Ireland are even offering a 3.0% rate in January 2024 – it could be higher (or lower). You would get the Bank of Ireland €3,300 future cashback in such a scenario, and the savings estimates account for this. The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

If you're feeling brave, you could consider the strategy outlined in this thread: switch to Haven's 2.35% 3-year fixed rate and get the €5k cashback. Then quickly switch to Haven's 2.0% green rate. If it works, you will be better off by about €11,900 in four years' time. Nobody knows for sure if Haven will allow you to do this, so you might be stuck on the 2.35% rate, but at least you'd have got the €5k cashback.

If you want savings estimates for longer-term fixed rates, let me know.
 
  • Current lender: AIB
  • Outstanding mortgage balance (how much you still owe) 232,000
  • Approximate value of your property 650000
  • The date you started your fixed-rate mortgage (month and year) currently on variable rate
  • How many years you fixed for n/a
  • Your current mortgage interest rate. 2.75%
  • Your current monthly repayment (excluding any overpayments) €2030
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary. A2
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
Appreciate some advice on our options. Would like to be able to overpay. Thanks
 
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