ThLooks right.
Rates have dropped since you fixed. UB cap break fee at 6 months interest, which is exactly what they've quoted you.
If the 3 year rate now is more than 0.7% less than the 7 year rate when you fixed, it's right.
Even if you pay the break fee and refix at their current rates, you'll still save money!
The thing that gets me confused is that they penalised me the same independently of how many years I have left in the fixed term.
UB cap break fee at 6 months interest,
Interest on 203k at 3.9% for 2.8 years is a little over 22k. Whilst at 2.3% for 2.8 years is around 13k.Hi RedOnion,
Could you please explain how I could save 5,400 in interest if I refix at 2.3 %? I would only be saving less than 100 euro a month , which amounts to less than 1200 a year?
Many thanks in advance
THanks a lot for responding. Why is it that I am only seeing a difference of round 100 euro a month difference?Interest on 203k at 3.9% for 2.8 years is a little over 22k. Whilst at 2.3% for 2.8 years is around 13k.
That's the savings.
You're looking at your repayments only and not the level of interest you're paying. Your repayment includes capital and interest.THanks a lot for responding. Why is it that I am only seeing a difference of round 100 euro a month difference?
Sorry but I am not sure how to calculate all this
SU
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