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Make a call to the bank and ask what their charges will be. I heard an economist on the radio and he said to be very careful before you break a fixed term mortgage as you may end up paying more in charges than you would in leaving it to run it's term.
Do speak to a mortgage manager at your bank as he/she can work out both the cost of breaking your mortgage, and what you would gain by re-financing at a lower rate for the remaining term. By comparing both figures you can then make the decision.
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Member since 12 Jan 2007
Member from Taipa
Posts: 79
With the drop in interest rates - and supposedly, more to come I am looking at breaking a fixed term mortgage with just over three years to run at 8.99%
Does anyone know a simple way to work out the penalty to break this?? Also I wonder whether each bank has a different schedule on it or not?
With the economy being what it is - maybe the Govt will intervene and suggest they only charge 50% of the penalities - that would be marvellous wouldnt it?