Ulster Bank fixed interest break fees

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liga33

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first time poster looking for some guidance, I have a residential mortgage with UlsterbankRI there is approx 180k outstanding and 12 yrs remaining. My ltv is below 80%. I entered into a 3 yr fixed interest with a rate of 3.35% with 1 yr remaining.
I noticed all rates have reduced with a 4 yr rate at only 2.6% now. I enquirer about moving to the rate for which Ulster Bank want to charge me a break out charge of €2,341.92, the equivalent of 6 month interest. This seems very high to me having read some of the other threads on this topic. Can anyone advise?
 
Yes they sent me a generic letter with the break out fees for all of the rates they have on offer and what my new repayments would be. It states the break out fee is based on 6 months of interest.
 
Ah, they'll send you a separate letter with the actual break fee. If you re-read it, 6 months is the maximum break fee they will charge with the new fixed rate options.
 
I don’t see it written anywhere plus they’ve included the forms to sign etc. I will wait a few days more and see if anything else comes.

Thanks Red Onion I appreciate you responding to my query, I will update the thread if I receive anything else.
 
Have a look at link to other post above which sounds similar.

If not, I'd need to know the month/year you originally fixed and how many months are left so I could estimate it for you.
 
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