Key Post Switch or re-fix my mortgage? Breakage fee calculator and savings estimates for your case (Ireland)

LolaJay said:
Hi Paul,

We are looking at switching mortgage as we are planning to move house. Not sure if PTSB allow you to carry your mortgage to new property and yet to have that discussion. Thanks for this thread, it's very helpful. Details are as follows:

Current lender PTSB
If your current lender is Permanent TSB, was your mortgage transferred to them from Ulster Bank? No
Outstanding mortgage balance (how much you still owe) 375,251.58
Approximate current value of your property EUR700,000
The date you started your fixed-rate mortgage (month and year) November 2022
How many years you fixed for 5
Your current mortgage interest rate 2.55%
Your current monthly repayment (excluding any overpayments) 1,752.12
Your property's BER (Building Energy Rating) C1
Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much (monetary amount) and when? No
Did you use a broker when you took out your current mortgage? No
Click to expand...
A mortgage is always attached to a specific property. No lender allows a mortgage to be transferred over to another property.
Avant does have a mortgage option where the balance of a mortgage on a current property can be moved at the same terms into a new mortgage on a new property - it's a specific mortgage (a 20 year+ fixed mortgage I think) and only applies to that single mortgage product and not to their regular fixed rates

Unlikely you will have a break fee on above example. So shop around and look for the best deal that suits you.
 
Not sure if this is the right place to ask this, but recently came in to some money which I had planned to pay off the mortgage balacnce with.
It's a former Ulster bank mortgage now with PTSB. I refixed for 5 years in September 2022 at 2.45%.
PTSB are quoting the maximum 6 months interest as a break fee, I would have thought that current interest rates would have made it cheaper to break than that, does anyone have any idea how interbank rates were in September 2022 compared to now?
 
Current 5 year fix is about to end, and I'm looking at fixing again with Avant. The 2 option I'm looking at are either:

- 4 year fix @3.4%
- lifetime fix @3.4%

I'm strongly considering the Avant One Mortgage option that fixes for the entire term. It allows additional payments up to 10% of remaining balance per year. For me, it's benefit would be that you know exactly how much you'll owe and allows you additional career flexibility, knowing exactly where you'd stand if you had a drop in salary for example.

What else should I be considering here about the lifetime fix? What are other's thoughts on it?
  • Current lender BOI (from KBC)
  • If your current lender is Permanent TSB, was your mortgage transferred to them from Ulster Bank?
  • Outstanding mortgage balance (how much you still owe) €225K
  • Approximate current value of your property €400K
  • The date you started your fixed-rate mortgage (month and year) March 2020
  • How many years you fixed for 5 years
  • Your current mortgage interest rate 2.45%
  • Your current monthly repayment (excluding any overpayments) €1040
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary D1
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much (monetary amount) and when? No
  • Did you use a broker when you took out your current mortgage? No
 
Current lender: Bank of Ireland
Outstanding mortgage balance: 287k
Approximate value of your property: 900k
The date you started your fixed-rate mortgage: Just finished our fixed rate
How many years you fixed for: 2
Your current mortgage interest rate: 4.15% variable
Your current monthly repayment: 1760 approx.
Your property's BER: B2
Are you due to get extra cashback from your current lender in the future: No

My query is should we re-fix with Bank of Ireland or switch to another lender? BOI have offered fixed rate for 1 or 2 year @ 3.35%, 3 or 5 year @ 3.45% (eco saver rates). I keep hearing rates are coming down but I don't see any evidence of it with BOI. I'd like to fix so I can stop thinking about it for a while but don't want to get tied in for too long if rates are going to come down. I'm not sure what the best thing to do is so I'd appreciate advice. Thank you.
 
Current lender: Bank of Ireland
Outstanding mortgage balance: 420k
Approximate value of your property: 510k
The date you started your fixed-rate mortgage: last year
How many years you fixed for: 3 more
Your current mortgage interest rate: 3.95%
Your current monthly repayment: 2500 approx.
Your property's BER: D1
Are you due to get extra cashback from your current lender in the future: No

I know this thread is defunct but I'm curious in more general advice. I'd like to switch to the Avant Flex mortgage, but my current break fee is 8k.

I presume that with the current environment that figure is unlikely to reduce? Do I have any options other than waiting for my fix to expire
 
Last edited:
  • Current lender: BOI
  • Outstanding mortgage balance (how much you still owe): €420k
  • Approximate value of your property: €1.6m
  • The date you started your fixed-rate mortgage (month and year): April 2024
  • How many years you fixed for: 4
  • Your current mortgage interest rate: 3.65%
  • Your current monthly repayment (excluding any overpayments): €2558
  • Your property's BER (Building Energy Rating) – estimated if necessary: A2
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when?: No
  • Remaining term; 19 years.
  • New rate; 3.1%
 
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You didn't mention the remaining term? A guess using an amortization approach is that with that rate it's 19 years? Do you want to keep the same term or reduce/increase it? Is the aim to be debt free sooner?
 
MortgageBroker said:
You didn't mention the remaining term? A guess using an amortization approach is that with that rate it's 19 years? Do you want to keep the same term or reduce/increase it? Is the aim to be debt free sooner
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Yes 19 years left and i don’t necessarily want anything, other than some protection against rising rates in the shorter/medium term.
 
AIB are offering a 3 year green rate at 3.00% would need to double check to see if they would give it to existing biz clients on 3.65%. PTSB are offering 3.00% fixed for 4 years and if you pay from a PTSB Explore a/c you get 2% cashback giving a net repayment of €2,371 which is the equivalent of a rate of 2.77%. Or PTSB on a 5 Year fixed of 3.25% with €8,400 cashback lumpsum paying €2,420 per month net after the monthly cashback which is the equivalent of a rate of 3.00%. Verdict: Least hassle? Stay AIB, get what you can. Best deal - elsewhere as you'll get more years of a fixed rate. btw: ECB meeting this week, everything I just said could change. Screen grab of a broker system quote below,.

1776782288883.webp
 
Current lender: BOI
Outstanding mortgage balance (how much you still owe): €395k
Approximate value of your property: €500,000
The date you started your fixed-rate mortgage (month and year): September 2025
How many years you fixed for: 1 year
Your current mortgage interest rate: 3.4%
Your current monthly repayment (excluding any overpayments): €1770
Your property's BER (Building Energy Rating) – estimated if necessary: B3
Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when?: No
Remaining term; 29 years.
 
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