Fixed or Variable Mortgage

[niallkelly14]

hi all

basic query here. If we fix at any point during our mortgage is the mortgage then treated as fixed as a whole with the associated penalties for early redemption. Say for example we go variable for year 1, fixed then for 3 years and then variable and pay it off in full in year 8 would there be any penal;ties for this early redemption

Also are the same policies in place for each bank in relation to this

 

[Harlequin]

No - redemption penalties would only apply during the fixed period.

 

[ClubMan]

Some fixed rate mortgages allow you to pay down a certain percentage of the capital without penalties.