It was more to do with when he broke. Anthony broke in October, and interbank rates have tanked since - flight to safety on back of stock market falls, and signs from Europe that rates aren't going to increase anytime soon.can't imagine between March and June 2016 the interbank rate changed that much,
I'll check interbank rates later for you. On mobile at moment.4 Years left on my current Fixed rate so that would make it about right, 155k x 0.4% x 4 = 2480, I have edited my other post to remove the erroneous calculations.
7 year rate on 31st Mar 16 was 0.225 and 4 year rate 15th Feb 19 was 0.03, so on my calculation i got ~€918 breakage fee.
While the break fee is high, if you switch to Ulster Bank @2.3% fixed you will save €2625 (€175 x 1.5%) + €1485 (€175 x .85%). Still worth it despite the fee.Hi, just wondering has anyone successfully challenged the breakage quotes from AIB and the way they are calculating them.
We are nearly 2 years into a 34 year mortgage which is split 50% variable (3.15%) 50% fixed (3.8%). Obviously we cant move half a mortgage to another provider but we are being quoted E2600 to break the fixed part of the mortgage.
Rough value of property (needed to assess if switching to another lender is advisable): 425,000
Amount of mortgage balance outstanding: Fixed portion 175,969.68, variable portion 174803.85
Date you fixed: May 2017
Period for which you fixed 5 years
Fixed rate 3.8%
Term left: 3 years exactly
Breakage fee quoted E2636.04 (*this was quoted at the start of February 2019 so may have reduced marginally since then)
I have requested an updated breakage quote but I expect it will be around the same amount so I'm not sure if its worthwhile to break the fixed mortgage and move the whole lot to another lender after solicitor fees valuations etc. Is the quoted breakage fee correct?