Hi Lexi82,Hi
I took out a mortgage in 2017 - 3.6% 7 year fixed.
I switched a couple of months ago to the 2.3% fixed.
My breakage fee was 0.
I was about a year into the 7 years.
Did you request the letter?
Thanks for the information,I'll definitely post the details to the forum here to get further advice.Thank you once again.Don't stress about it. It's not going to change anything.
Mortgages are priced a lot more competitively now than at the start of 2016. So even if there is a break fee, you should still save money by switching rate.
They can't quote them over the phone as they go to a team to price up. However, once the letter is created they will be able to tell you the fee if you phone again.
You will receive 2 separate letters from UB. It can be confusing.
The first is a list of rate options that you can move to. They will show the maximum break fee that you can be charged in the future for breaking out of the new rate. These are not your current break fee. They probably posted that today.
You will receive a second letter detailing your break fee.
Once you know the break fee, post details here if you want any further advice or help with calculations.
Any trick Curare is once you receive the letter and if the breakage is high to then get your solicitor to request your title deeds in order to switch. This sometimes triggers your existing bank to offer you a better rate with no breakage. It has worked for others in the past.
@Curare
There's a strong possibility there won't be a break fee, or if there is it'll be small.
The 5 year interbank rate now is at about the same level as the 7 year rate was in March 2016.
UB will use the exact rates which I don't have access to.
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