EBS breakage fee calculations.

We have a top up mortgage with EBS with 123,500 remaining on it. In Jan 2015 we took out a 5 year fixed rate at 3.9%. I've enquired about moving to a better fixed rate of 3.25% for 5 years. I've been quoted €712 breakage fee. Just wondering if this sounds about right please? Thanks

Works out about 0.3% which looks right. You'll save double that money over the next 2 years.

Are you in a position to switch lender and get a better rate elsewhere?

Thanks for checking. We wont be moving because our mortgage on the house itself (before extension) is a tracker and naturally we don't want to give that up.
Can I ask, I overpay the top up by €50 a month and on the original request to do this I stated that I wanted it to be paid off the capital. Whenever we get letters now, the term has decreased. When I rang EBS today I forgot to ask if this makes any difference to the breakage fee calculation or to the new fixed rate contract?

Ah sorry, I missed the fact it was just the top up part.

The treatment of overpayment won't affect break fee or new contract. It's all based on current balance (for example whether you've 10 or 20 years left, they'll give you the same 5 year rate).

Since you're paying a break fee anyhow, it might be worth paying any lump sum you can off the balance at the same time.