Extending Fix rate period on mortgage

According to the BOI website their 1,2,3 & 5 year fixed rates are all 3% So you could in effect extend it by 2 years. If you have just switched to BOI you might be still within your cooling off period. Otherwise you would have to break out of your current fixed mortgage - this may incur a break fee. The fee will be a function of how BOIs cost of funds have changed between the time you first fixed and now. If you've only taken out the fixed rate recently this is likely to be a relatively small amount. Have a look at this thread for more details.
 
When I first looked at this question, I saw two possible interpretations of it. Skrooge has answered one. If the question was "can I extend it at the end of the three year period", then the answer is that you will be offered rollover rates at the end of the fixed period, which will probably include more fixed rate options. If so, you'll be able to fix again for another period, but the fixed rates you'll be offered will be the rates available in three years' time, which may be different to those available today.
 
In the current environment, BoI might be happy to switch you to 5 year term without even checking if a break fee applies. The only way to know is by contacting them.
 
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