Quick question?
I overpaid my 10% allowance on my fixed mortgage for 2022 at beginning of the month.
My fixed mortgage is coming to an end at 2.6% at the end of September.
I was sent a letter with breakage fee of €1500 or so breakage fee today to avail of 2/4/5 year fixed rates.
My question is thus, if I choose a variable rate switch which is open to me without break fee, can I make a overpayment then seek the best fixed rates without delay?
If this is the case why does anyone pay break fee, when they could switch to a variable rate and as soon as that is implemented then request a fixed rate saving the break fee in the process.
I overpaid my 10% allowance on my fixed mortgage for 2022 at beginning of the month.
My fixed mortgage is coming to an end at 2.6% at the end of September.
I was sent a letter with breakage fee of €1500 or so breakage fee today to avail of 2/4/5 year fixed rates.
My question is thus, if I choose a variable rate switch which is open to me without break fee, can I make a overpayment then seek the best fixed rates without delay?
If this is the case why does anyone pay break fee, when they could switch to a variable rate and as soon as that is implemented then request a fixed rate saving the break fee in the process.