Breaking a fixed rate with NIB

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pjd104

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Has anyone any experience in breaking a fixed rate with National Irish Bank? We are into 1 year of a 5 year rate of 4.3%. Also have 2 other mortgages with same bank for RIP.
 
Just curious, why would you want to do that if intrest rates could be higher on a variable morgage?
 
Basically want to sell current home because we are not settling in the area and are intending in moving into the house that we have rented .
 
can you transfer that mortgage to the rented one? sounds like a great rate or will you have no mortgage? apologies to posters in the know on these things just wondering is it possible??
 
The T&C's on your mortgage will define the penalty you will pay for breaking the fix, probably a number of months interest payments.
 
There is unlikely to be any penalty apart from reasonably minor administrative charge. The reason is that your rate is better than the current prevailing variable rate. If your rate was higher than the current prevailing variable, then you would be charged a breakage fee, which is a function of the rate differential and the number of repayments left on the fixed term.
The terms and conditions of breakage will be on your mortgage document, alternatively ring them and they will confirm (hopefully) what I have said
 
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