Break Fees with BOI

Discussion in 'The Fair Mortgage Rates Campaign' started by cliqueentour, Dec 7, 2017.

  1. cliqueentour

    cliqueentour New Member

    Posts:
    5
    Hi,

    Apologises if this has been discussed previously but we have unsure how to proceed.

    We are on a variable rate with BOI @ 3.90%. It's a small mortgage and we were unsure whether we were selling our house to move elsewhere so we stayed on the high variable rate.

    We have the option of moving to a 1 year fixed rate of 3.00% with BOI. We would save just under €400 next year by fixing. However, should we see a house to purchase and thus need to sell our own house, we are concerned that we would need to pay the breakage fee to BOI as a result.

    My question is, what would the break fee be or would I need to contact BOI and ask them to explain and calculate such a break fee.

    I know the amount/saving is small by fixing for 1 year, but I rather have an extra €400 in my pocket than paying the bank you know. Thank you!
     
  2. RedOnion

    RedOnion Frequent Poster

    Posts:
    632