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Mortgage rate

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  • 04-01-2018 8:26pm
    #1
    dar100
    Registered Users Posts: 1,735 ✭✭✭


    18 months left on 5 year fixed term with AIB. Looking to re fix now to bring it up to 3 years, will they allow this? I'd be going into a lower rate


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    #2
    dar100
    Registered Users Posts: 1,735 ✭✭✭dar100


    Anyone


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    #3
    heebusjeebus
    Registered Users Posts: 3,783 ✭✭✭heebusjeebus


    Cant see why not but You will have to pay a breakage fee to get out of the remaining fixed term.
    Contact the bank and ask and they will also calculate the breakage fee.


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    #4
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    AIB customer service line is open until 9pm for reference tomorrow there is also a talk to forum IIRC.


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    #5
    catrionanic
    Registered Users Posts: 2,091 ✭✭✭catrionanic


    You’ll have to pay a fee for coming out of the fixed period early (even if it is to go onto a fixed rate again).


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    #6
    glen123
    Registered Users Posts: 572 ✭✭✭glen123


    You'll have to break from the existing fixed contract, which might mean a penalty for you. However, it might not. Whether there is a penalty or not depends on the cost of funds for the bank at the time when your mortgage was taken out.

    I was also fixed with EBS when they introduced lower fixed rates. I rang them to check what it would cost to exist the existing fixed rate straight away as I wanted to see if penalty would be less than savings if I signed up for the lower fixed rate straight away and it transpired that in my case the penalty was zero. I was able to go into the branch with the letter requesting to exit the existing fixed term contract and filled out another form to fix again at a lower rate.


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