First three scenarios I've run through my spreadsheet for switching existing clients in a variable mortgage to the new lender offering the lower rate has yielded the following savings to their existing renewal date:
1. $13,895
2. $7,481
3. $6,890
These are net savings, meaning the above amounts have taken into consideration the penalty to break their existing mortgage, which is a 3-month interest charge.
There are some potentially major savings to be had. PM or email for more info.
Greg
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