So I spoke with KBC today. Their Break formula is:
B = (W - M) x T / 12 x A, where:
B = The Break Funding Fee
W = The Wholesale Rate Prevailing at the date of the existing fixed rate applying to the loan was set
M = The Wholesale Rate prevailing at the switching/redemption date for the unexpired time period of the Fixed Rate Period
T = Period of Time in months to the end of the Fixed Rate Period
A = Principal amount which is subject to the existing fixed rate and which is being switched or redeemed
€250,096
So in my case this works out as:
(-0.50%--0.21%) x 44/12 x €250,096 = €2,659.36 which is another jump of €307 since the 9th October.
Thanks to the informative replies to my initial query, I had a look at the rates from
https://www.euribor-rates.eu/en/euribor-charts/ and have a bit of a problem with the -0.21% that KBC have used for their calculations.
I fixed on 1st August 2019 when the rate on the above graph was -0.393%. It has not been in the -0.21% territory for about 5 years!!
(-0.50%--0.393%) x 44/12 x €250,096 = €981.21
It appears that there are no errors in the calculation by KBC, and while there may be some other factors which I have overlooked (but the -0.5% they have used this week looks accurate), my main concern now is whether the -0.21% is accurate as the drop in rates since then is causing the problem. Is there any way of validating this -0.21%?
Thanks in advance for any feedback.