Fixed Rate to variable

P

pipedreamer

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I was under the impression that there were penalties associated with changing from a fixed mortgage rate to a variable but from reading various forums today it seems some banks are waiving these

I am with IIB on a 3 year fixed with 18 months done - anyone have any advice? Is it actually possible to change or has this changed anyway now with today's drop?
 
Ring IIB and give them your a/c number, ask will there be any charges for breaking your fixed rate. 01 6646100 is the number.
 
I rang AIB on 18 November (after advice from this site). They told me they would have to get the information from the accounts department and would send me information.

About a week later, since I hadn't heard anything, I completed the query e-mail thing on their web-site giving all of the details.

Still no reply so yesterday I rang AIB again and the fella said he'd contact the Accounts department and get back to me before yesterday evening. He did get back but only to say that the accounts department hadn't the information yet and that he would ring before 10 am today. - Still no news !!!

Has anyone else experienced similar?
 
Looks like I will be sticking where I am for the moment anyway... bloody hell why did I fix for so long...?
 
I thought that UB would add the break out fee to my mortgage - however I was told to send them a cheque for approx 8k if I wanted to break out of my 5.2 fixed rate. I think I will be staying where I am at the moment! Even though a payment break (available only to flexible rate holders) would be very handy as I go on maternity leave in January. *sigh*
 
Have the people who want to break their fixed rate done the sums. Will the savings on the new payments on a lower rate be higher than the fixed rate penalty. Are much lower rates actually available to you. Just because rates are going down doesn't mean they will stay down nor does it necessarily mean that banks will pass them on despite what they are saying now. It was the opposite with rates a couple of months ago. Maybe you prefer the stability of a fixed rate. Do not believe anything the bank tells you over the phone - get it in writing.
 
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