I posted my query months ago, when UB announced their departure, I received advice, I have done nothing.
I still can't face possible 3k fees to switch mortgages.
Here are the details:
UB mortgage, original 200k, 24yr term
Original LTV = 50%
Date you fixed: Dec-2018, start of mortgage
Period for which you fixed: 4 years and 4 months
Fixed rate: 2.60%
Fixed until 31.03.2023
Letters rec'd from UB, Jan 2021, in response to my query about breakage fees.
Break fee = 1,944.28, valid until 14.01.2021.
Rate sheet: 2yr fixed 2.2% until 31.03.2023 is 39 less pm for same term, so a saving of 26 months * 39 = 1,014
Amount of mortgage balance outstanding: €130k approx, Nov 2021, as I have made three 10% lump-sum annual overpayments
Current LTV = under 30%
Current LTI is less than 2x gross income
In three years of a 24 yr mortgage I have reduced the balance by 35%
I suppose the best idea is to switch to Avant at 1.95% fixed over 5 or 7 years?
Break fee = was nearly 2,000 back in Jan 2021
Sol fee =? I suspect I could get it done for 1,000, outside Dublin
That 3,000 fee is a lot to offset....................
Should I move now, pay the break fee, or wait until April 2023?
I still can't face possible 3k fees to switch mortgages.
Here are the details:
UB mortgage, original 200k, 24yr term
Original LTV = 50%
Date you fixed: Dec-2018, start of mortgage
Period for which you fixed: 4 years and 4 months
Fixed rate: 2.60%
Fixed until 31.03.2023
Letters rec'd from UB, Jan 2021, in response to my query about breakage fees.
Break fee = 1,944.28, valid until 14.01.2021.
Rate sheet: 2yr fixed 2.2% until 31.03.2023 is 39 less pm for same term, so a saving of 26 months * 39 = 1,014
Amount of mortgage balance outstanding: €130k approx, Nov 2021, as I have made three 10% lump-sum annual overpayments
Current LTV = under 30%
Current LTI is less than 2x gross income
In three years of a 24 yr mortgage I have reduced the balance by 35%
I suppose the best idea is to switch to Avant at 1.95% fixed over 5 or 7 years?
Break fee = was nearly 2,000 back in Jan 2021
Sol fee =? I suspect I could get it done for 1,000, outside Dublin
That 3,000 fee is a lot to offset....................
Should I move now, pay the break fee, or wait until April 2023?