There could be a break fee, because they'll be comparing the 5 year fixed rate now to the 4 year rate next year. So if interbank rates remain as they currently are, there would be a break fee.If OP decides to take the 5 year fixed rate now and in a years time the fixed rates haven't changed can they ask their bank to begin a new 5 year fixed term taking him up to 2024? Or would this involve breakage fees etc.?
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