HollowKnight
Registered User
- Messages
- 286
Lender: UB
Amount of mortgage balance outstanding: €303k
Date you fixed: November 2018
Period for which you fixed: 4 years
Fixed rate: 2.6
Term left: 3yrs
Breakage fee: €2500 (worked out using ICE report data)
Approx interest cost in next 3years (whilst on 2.6%) = €23.6k
Approx Balance after 3years = €276k
If I switch to the new 2.2% rate
Approx interest cost in next 3years = €20k
Approx Balance after 3years = €273k
It would appear it makes sense to switch. Am I missing something?
There may be a need to have the house revalued but it would still make sense to switch even with this cost.
If I don't do this somewhat quickly, I will be unable to (as the balance will fall below the €300k for the new low rate in April).
Thoughts appreciated.
Amount of mortgage balance outstanding: €303k
Date you fixed: November 2018
Period for which you fixed: 4 years
Fixed rate: 2.6
Term left: 3yrs
Breakage fee: €2500 (worked out using ICE report data)
Approx interest cost in next 3years (whilst on 2.6%) = €23.6k
Approx Balance after 3years = €276k
If I switch to the new 2.2% rate
Approx interest cost in next 3years = €20k
Approx Balance after 3years = €273k
It would appear it makes sense to switch. Am I missing something?
There may be a need to have the house revalued but it would still make sense to switch even with this cost.
If I don't do this somewhat quickly, I will be unable to (as the balance will fall below the €300k for the new low rate in April).
Thoughts appreciated.
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