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Nicetoknow

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Hi. I have a high value mortgage with UB (fixed at 2.5 until Nov 2023) and need to switch (or refix with UB if i cannot switch) before it's no longer an option and I land on a Ptsb variable rate. Break fee is currently over 6k. I know i need to get on with it but running down the remaining term to reduce the break fee is also appealing so I haven't done anything about switching yet.

Does anyone know when the option to refix with UB is likely to be withdrawn? Thank you!
 
BoI has announced a deal with KBC and it has yet to go through the Competition Commission to get approval.

ptsb has not yet announced a deal with Ulster Bank and so it has not yet got to the Competition Commission stage.

So I would say that the takeover is a long way off.

I doubt if UB will withdraw the other fixed rates, but they might increase them if the market rates rise.

However, I don't think that they will do so unilaterally as it would prompt a lot of people to switch.
 
Nicetoknow said:
I have a high value mortgage with UB
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Nicetoknow said:
Break fee is currently over 6k.
Click to expand...
Have you done the numbers?

If you have a high value mortgage, then it may well be worth switching to another lender and taking the €6k hit.

For example, if you switch to a rate of 2% , you will save 0.5% a year, or 1% over two years. So if you have a €600k mortgage, it could be worth it.

Brendan
 
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Thanks Brendan. Mortgage is 569000 so the break fee does make sense...Do you think market rates will rise in the next 12 months?
I guess we should take the 6k hit and move now when there are good fixed rates available (and they not be available in 12 months time).
 
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