Where did you hear that IIB are not charging the breakage fee??E-mailed chief exe of ebs in relation to charging breakage fee when others are not.... still waiting for response! Just found out today that IIB are not charging breakage fee. Will defo change mortgage provider when finished fixed rate if I get no where with EBS but I will keep trying. I think in current climate when we are all taking a pay cut the banks should be more understanding. I'm not asking them to cancel my debt!!
Chrisboy (post #9),
I note that you're with AIB and got out of a fixed without penalty. How?
We're on a five year fixed ending November 2011.
Right now we owe €267k paying €1963 per month.
We want to add about €150k after extending the house. So, total borrowings then will be about €400-420k.
Breakage cost at the moment is nearly €7k.
We are cast iron, credit wise. Can we negotiate this? After all, we could say OK, we'll pay the €7k to close out, but we'll take the €400k elsewhere.
How did you go about it. What term was left on your fixed rate and what rate was it at. I'm with AIB too and I was quoted over 7K, I wonder are they making arbitrary decisions or are your circumstances different than mine or something. Thanks.I got out of mine for no penalty.. Was fixed at 5.18%, now on the aib variable..
Just be careful that your fixed rate doesn't revert to a tracker rate at the end of the fixed rate period.I'm on a 2 year fixed at 4.75% with PTSB. I rang them about 2 weeks ago and asked could I move to variable. They agreed and moved me once I sent it in writing within 20 days.
Now that Im on variable I have a meeting with AIB to discuss transferring to them.
Why would it not revert back to a variable, the Fixed rate term is over so only other way is to revert default variable..? I am missing something here, I assumed we are variable unless we request fixed.I agree with Norf. Wasn't aware that my fixed rate would revert to variable at end of fixed term until I read the T&C's. Have a look through them, if you have them. If not get a copy off the bank.