Boi@Brandy
Where did you get the break fee estimate of €19k? It seems impossibly high.
- Who is your lender?
- What is your mortgage balance?
- What is your monthly repayment?
Are you saying you fixed with BOI for 10 years in April 2019? My estimate says that your break fee should be around €5,600.Joined April 2019.
Can you post a screenshot of the formula here, and any numbers (interest rates) that they refer to?Yeah first mortgage repayment April 2019
I've asked a few times and it never seems to go down much.
They did send out the algoritihim / formula but must admit eyes glaze over.
I'll defo ring again.
Are "annual interest rate" and "APR for depositing that amount" the phrases that BOI used or are you paraphrasing what they wrote?Sorry now a bit backwards in the tech field tried to add screen shot no joy but gist is
A x (B% -C%) x D
___________________
365
A the amount you pay off early
B annual interest rate
C APR for depositing that amount
D number of days from early repayment to end of fixed rate
sorry couldn't attach it.
If we suffer such a loss you must pay us compensation when we ask you to pay it. Such compensation will be equal to “C” where:
C = A x (R%-R1%) x D ÷ 365, and
“A” = the amount repaid early (or the amount for which the fixed rate is changed to a new rate) averaged from the date of early repayment (or rate change) to the end of the fixed rate period to allow for scheduled repayments (if there are any) and interest charges.
“R%”= the annual percentage interest rate which was the cost to us of funding an amount equal to “A” for the originally intended fixed rate period.
“R1%”= the annual percentage interest rate available to us for a deposit of an amount equal to “A” for a period equal to “D”.
“D” = the number of days from the date of early repayment (or rate change) to the end of the fixed period.
I asked BoI if they would give me the Green Mortgage rate as an existing customer and they said, 'No.' So I said I'd move to Avant and they said, 'Oh.'
@Brandy And did they tell you the actual values that they used for B and C?
I was at the end of the 5 year fix, so got my 1% cashback payment and am moving. Appreciate your position is different.Did you move? I'm just snookered because of the fixed rate
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