Switching and top up

T

Tinney78

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Hi
We are currently with BOI on a 5 yr fixed at 3%. Term expires March 2023. We are in process of planning an extension and looking at our options to finance the build. I’m estimating we need 60k top up. Our current balance is 239000 with breakage fee of 5600 on top. We have just under 23 years left. House is worth around 500k. We are also due 1% cash back of 2550 back at end of this fixed term. Anyone have any thoughts on switching and would it be worth our while. I know avant have a great rate but are the cash back offers a better option. Even a link to calculate a way of working out savings would be appreciated
 
If you switch to PTSB, and then EBS, raising the loan to €300k, and claiming 2% cashback from each, the €12k will leave €6400 extra once your break fee is paid. Then switch to Ulster or KBC for the ~2.2% variable rate. And consider fixing next year after rates hopefully come down. I'm doing almost exactly this plan now, but we're getting off a PTSB loan at the start instead of yours with BOI.

This means you can't go to Avant for another 6-12 months, but should still work out favourably.
 
giddings said:
If you switch to PTSB, and then EBS, raising the loan to €300k, and claiming 2% cashback from each, the €12k will leave €6400 extra once your break fee is paid. Then switch to Ulster or KBC for the ~2.2% variable rate. And consider fixing next year after rates hopefully come down. I'm doing almost exactly this plan now, but we're getting off a PTSB loan at the start instead of yours with BOI.

This means you can't go to Avant for another 6-12 months, but should still work out favourably.
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Hi
Thanks for reply. In doing this are those banks not going to look for a breakage fee for leaving early?
 
BTW they may be extended, but at least for now I think the PTSB and EBS cashback offers are only being offered until Dec. 31st.
 
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