Hey buddyI think youll have a hard time winning this one.Youre...

Hey buddy

I think youll have a hard time winning this one.

Youre being charged a break fee which is the banks charge for actually breaking the loan.

The 5k is the economic cost the bank pays - this is the difference between the cost of funds at the time then and the time now.

It will likely be outlined in your contracts.

Unfortunately, working in a bank, people plead ignorance all the time on these matters and while I understand your situation, you need to be aware that banks arent charities. they are businessess too.

Without knowing the whole story, I'd bet you'd get the same story from their complaints department - a bot letter Im sure theyve sent out many times in recent weeks and months.

Remember, you cant have it both ways. You took on the lower rate to benefit from fixing, now when the market moves against you, you cant take the bank to town.

Good luck though, I hope I havent come across wrong, Im just trying to explain it from the banks point of view - and perhaps she should have explained the notion of an economic benefit/cost to you at some point...however if negligence applies on that score, you may have something.

Note though, that despite emails being somewhat admissable in court, I'd be surprised if the info wasnt contained in your contracts and/or the bank claimed every client who fixes is explained the notions I've mentioned...