Hi anyone experiencing this issue? We are looking at fixing our mortgage with Ulster Bank as the rates are more competitive than our current variable rate, however we are considering moving house next year if something suitable shows up on the market.
I spoke with Ulster Bank (UB) today and they said that there is a penalty should I break the fixed rate mortgage,even if I sell the house and pay off mortgage. The "breakage cost quoted on a fixed rate is based on maximum of 6 months interest". I could waive the charge if I clear my exisisting mortgage and take out a new one with UB on the same day. The chances of that happening may be slim. It's possible but may take a lot of effort on a range of different people involved in the selling/buying process!
Any helpful advice on what to do is very welcome!
Best wishes
BB
I spoke with Ulster Bank (UB) today and they said that there is a penalty should I break the fixed rate mortgage,even if I sell the house and pay off mortgage. The "breakage cost quoted on a fixed rate is based on maximum of 6 months interest". I could waive the charge if I clear my exisisting mortgage and take out a new one with UB on the same day. The chances of that happening may be slim. It's possible but may take a lot of effort on a range of different people involved in the selling/buying process!
Any helpful advice on what to do is very welcome!
Best wishes
BB
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