Switch from Variable to Fixed, then break out?

After reading through the sticky re: switching quickly and getting cash back, we are now considering this as a viable option.

So with that in mind, should we change from our AIB variable 2.75% to a 3yr fixed 2.35% with AIB - which would provide us an instant saving, while we gather the relevant documents, line up solicitor etc.

After reading earlier posts, I believe we will be able to break out of this fixed AIB mortgage, provided rates remain unchanged - Is this correct? I guess worse case scenario we are locked in for 3 years at 2.35%

The other ingredient in the mix is that my wife works in the hospitality industry and therefore her job has been a mix of 3 to 5 day per week since Covid, she is still in fulltime employment, but at the moment getting an element of social welfare (2 days) per week. Therefore, should we wait until she has 6 weeks worth of payslips showing her normal pay.

Thanks.

lialwarrior said:

After reading earlier posts, I believe we will be able to break out of this fixed AIB mortgage, provided rates remain unchanged - Is this correct? I guess worse case scenario we are locked in for 3 years at 2.35%

Click to expand...

Yes, correct.

Given your circumstances, it might take time to be granted approval for a switch with other lenders.