I'm in same boat. Fixed my mortgage 21 Jun 07 for 3 years at 5.05%. I borrowed 345,000 in 2006 for 35 years. Due to family bereavement I have a lump sum I want to use to pay off some of the mortgage. I will call Permenant TSB to see how much it will cost to change to variable and what variable is.
I have 2 fixed rate mortgage with First Active at 5% , I contacted them to find out what penalty I would have to pay to exit redeem both mortgages. They immediately quoted me 6 months interest for a redemption penalty which equates to 12000€ in total. Based on advice I received here I then asked her to forward to me my contract details highlighting where exactly it states that I must pay 6 months penalty. 3 days later I received an update from the bank stating that they "reviewed" the case and waivered the penalty. They also never forwarded me the contract details stating I would have to pay 6 months interest for each mortgage.
Interesting, I wonder is the 6 month thing pulled out of a hat and because I queried the contract they backed off. Perhaps your quote is plucked from the sky too and really is open for negotiation as clubman mentioned
Just to add my two cents - I've been onto PTSB regarding breaking the fixed rate (1 year left). I'm fixed at 4.85, they offered me 4.65 varibale rate and no penalties. So I asked them if I wait till fixed rate expires will I go back onto my original tracker and they said yes i will fall onto the tracker available at the time my fixed rate expires. I have to do some calculating, but I'm pretty certain I'll be better off sitting out the year and falling back onto a tracker rather than going on a variable now.
I think this was asked before but not answered.
Is anyone suspicious as why ptsb and some of the other banks are letting us out of our fixed mortgages?
Whats the logic for them?
Is it possible that they plan to increase their variable rates and not pass on decreases in the ECB?
I really dont know whats in it for them. I have 2.5 years left on my fixed mortgage at 4.9% and they are letting me out free. why????
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