Escape from 5 year fixed rate

My partner and I bought our first house back in the summer of 2007.

The mortgage broker who we were dealing with explained to us that the banks would only lend to us if we took a 5 year fixed rate mortgage.
At the time my partners contract was temporary and they considered us too much of a risk to allow us have a variable rate or a shorter fixed term.

Were the banks within their rights to insist on this?

Is there anyway we can now escape from this 5 year fixed rate deal?

Advice appreciated.

fkells said:

Were the banks within their rights to insist on this?

Is there anyway we can now escape from this 5 year fixed rate deal?

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Yes, they made an offer, you accepted.

You can pay the breakage penalty and move to a different rate.

The general consensus is that rates are on the up, that 5 year fixed may start to look more attractive soon.

For anyone on a decent tracker rate however, I would say it would be best stay where you are. The irish banks' rates are defo on the up but general ECB rates wont rise as much I think

hi fkells i know the banks arent allowed to sell you a product based on u buying another i.e. a loan but only if you take payment protection. but i have to agree with norfbank that they made an offer and you accepted it