Success with waiving break fee?

[nest egg]

I don't know how much of a long shot this is, but here it goes, has anyone had any success with waiving a break fee on a fixed rate mortgage, or negotiating down the cost, with any of the banks, and if so, how did you go about doing it?

 

[skrooge]

I've never heard of anyone getting a break fee wavier. From a negotiation standpoint what has a borrower to offer a bank? Perhaps if you were moving property and taking out a (much) larger mortgage with them but even that is a long shot.

 

[Brendan Burgess]

Some will refund the break fee if you are trading up and take out a mortgage with them on the same terms.

But if you just want to break out of a fixed rate, they wouldn't.

You could threaten to switch and they might do something. Unlikely though, because if you break out, you will find it easier to switch.

Brendan

 

[nest egg]

No surprise I suppose. Thought it worth a punt, in case there was an angle I hadn't considered.