Refinancing a mortgage

[Doing my best]

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[Fuzzywuzzy]

sorry wasn't very clear, only if you refinance to another bank, refinancing within your current bank it should be waived. Or if you just switch from fixed to variable it will be irrelevant. Are you wanting to swap to a variable loan? Have you checked if your bank has an offset account for their variable loans? or redraw, which is pretty much the same thing? I used to work in mortgage lending so if you have any other questions just ask

[skeetaboat]

Are you sure you'll be better off breaking your fixed mortgage? I'm pretty sure you only win if interest rates are falling, or if you can actually pay your loan down and therefore your new loan amount is less.

The break fee is usually the fixed interest rate minus the current interest rate multiplied by the total loan amount multiplied by the fixed period, is that right?

[Fuzzywuzzy]

The break fee is usually the fixed interest rate minus the current interest rate multiplied by the total loan amount multiplied by the fixed period, is that right?

Yeah, pretty much. It's the profit that the bank would lose when you break the fixed period