Mortgage change

D

dph

Registered User
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Hi...newbie post here, but I need some mortgage advice as a financial idiot.

I have a permanent TSB mortgage. I'm currently 1.5 years into a three year fixed term at 4.99%. I'm looking enviously at the current ECB rates and am wondering whether I should change to another lender?

I don't have the small print to hand but is there usually a penalty for such a change? I suppose there'd be no point in a fixed rate period if you could make sucha change but financial revelations never cease to amaze me.

Any help would be greatly appreciated.

DPH.
 
Hi DPH,
Usually there is a penalty if you break out of a fixed rate so the best thing to do is ring Perm TSB and ask how much.
Spin
 
You should weigh up the cost of breaking out of the fixed rate against the savings to made by switching to the variable rates being offered by banks, there is talk of rates coming down again in the new year and even going down to 0% if the recession worsens
 
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