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

LolaJay said:
Hi Paul,

We are looking at switching mortgage as we are planning to move house. Not sure if PTSB allow you to carry your mortgage to new property and yet to have that discussion. Thanks for this thread, it's very helpful. Details are as follows:

Current lender PTSB
If your current lender is Permanent TSB, was your mortgage transferred to them from Ulster Bank? No
Outstanding mortgage balance (how much you still owe) 375,251.58
Approximate current value of your property EUR700,000
The date you started your fixed-rate mortgage (month and year) November 2022
How many years you fixed for 5
Your current mortgage interest rate 2.55%
Your current monthly repayment (excluding any overpayments) 1,752.12
Your property's BER (Building Energy Rating) C1
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 (monetary amount) and when? No
Did you use a broker when you took out your current mortgage? No
Click to expand...
A mortgage is always attached to a specific property. No lender allows a mortgage to be transferred over to another property.
Avant does have a mortgage option where the balance of a mortgage on a current property can be moved at the same terms into a new mortgage on a new property - it's a specific mortgage (a 20 year+ fixed mortgage I think) and only applies to that single mortgage product and not to their regular fixed rates

Unlikely you will have a break fee on above example. So shop around and look for the best deal that suits you.
 
Not sure if this is the right place to ask this, but recently came in to some money which I had planned to pay off the mortgage balacnce with.
It's a former Ulster bank mortgage now with PTSB. I refixed for 5 years in September 2022 at 2.45%.
PTSB are quoting the maximum 6 months interest as a break fee, I would have thought that current interest rates would have made it cheaper to break than that, does anyone have any idea how interbank rates were in September 2022 compared to now?
 
Current 5 year fix is about to end, and I'm looking at fixing again with Avant. The 2 option I'm looking at are either:

- 4 year fix @3.4%
- lifetime fix @3.4%

I'm strongly considering the Avant One Mortgage option that fixes for the entire term. It allows additional payments up to 10% of remaining balance per year. For me, it's benefit would be that you know exactly how much you'll owe and allows you additional career flexibility, knowing exactly where you'd stand if you had a drop in salary for example.

What else should I be considering here about the lifetime fix? What are other's thoughts on it?
  • Current lender BOI (from KBC)
  • If your current lender is Permanent TSB, was your mortgage transferred to them from Ulster Bank?
  • Outstanding mortgage balance (how much you still owe) €225K
  • Approximate current value of your property €400K
  • The date you started your fixed-rate mortgage (month and year) March 2020
  • How many years you fixed for 5 years
  • Your current mortgage interest rate 2.45%
  • Your current monthly repayment (excluding any overpayments) €1040
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary D1
  • 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 (monetary amount) and when? No
  • Did you use a broker when you took out your current mortgage? No
 
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