Change mortgage fixed to variable straight after draw down

Is it possible to change from a fixed rate to a variable rate mortgage with same bank immediately after drawing down if transaction has completed and no first payment has been made?

Reason I ask is that it costs to break from a fixed but not from a variable rate and the plan is to switch asap after cashback is received.

The bank has not been asked yet, wanted to sense check it here first.

Thanks.

'switching' or changing from a fixed rate contract to variable means breaking your fixed term contract, hence there is a possibility of break fees being due.

And of course, unless variable is cheaper, why do this in the first place?

Thanks newirishman.

I guess what im asking is - is it considered breaking if i want to change from fixed to variable rate, literally days after drawing down? Is there a cooling off period?

Thanks.

Yes it's breaking, no cooling off period.

ArthurMcB said:

the plan is to switch asap after cashback is received

Click to expand...

Most lenders will only let you switch to them if you have been with your current lender for at least 12 months (6 months in the case of AIB).