Moving House - Question on mortgage contract

[Questionable]

I'm 15 months into a 5 year fixed rate mortgage.

If I sell my house and clear my mortgage, do I necessarily have to pay a penalty to the bank?

I'm hoping to move in the next while as I'm moving jobs.

Thanks.

 

[LDFerguson]

Most lenders will waive the penalty if you get your new mortgage with them and see out the balance of your fixed rate in the new mortgage. Check with your lender.

 

[Questionable]

Cheers Liam...so as I understand I'd have the value of my home, 200k @ the fixed rate of 5.25% for the remainder of the 5 year term and the remainder, 50k @ their variable rate?

 

[LDFerguson]

...I'd have the value of my home, 200k @ the fixed rate of 5.25% for the remainder of the 5 year term and the remainder, 50k @ their variable rate?

You'd have the value of your current mortgage, if that's 200K at the current fixed rate for the remainder of the 5 year term and the remainder at a different rate.