Fixed rate with ICS switch to Variable?

We bought our house in 2006 and took out a 3 year fixed mortgage with ICS.
Details:
Fixed to 30 October 2009, Interest rate: 4.79.

I am just curious to check (Liam and others) if it would be wise to break our of the contract (pertaining to the fixed mortgage and go variable. I know that this would incur a penalty but wondering if it worth it especially bearing in mind that the rates will go down again.
Any input appreciated

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regedit2 said:

We bought our house in 2006 and took out a 3 year fixed mortgage with ICS.
Details:
Fixed to 30 October 2009, Interest rate: 4.79.

I am just curious to check (Liam and others) if it would be wise to break our of the contract (pertaining to the fixed mortgage and go variable. I know that this would incur a penalty but wondering if it worth it especially bearing in mind that the rates will go down again.
Any input appreciated

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any thoughts on the above

It might not incur a penalty - check how much first with ICS. You then need to compare the penalty cost with the savings you will make between now and Oct 2009 on the lower rate. Consider moving lenders too maybe ?You can get variable rates as low as 3.75% from BOI at the moment (€1000 towards legal fees too if you go direct and not through broker)