Breakage Cost for Early Redemption

[satin]

Hi All,
I fixed me mortgage 2 years back, one more year left on fixed rate interest. Interest rate am on is 5.05% and i wanted to change it back to current fixed rate interest. I was given quote of 4k as breakage cost on mortgage of 190k.
Is that normally the amount of breakage cost ?
Does that mean am stuck with this bank for duration of my fixed rate interest mortgage?
If i try to switch to other option or bank i will have to incur breakage cost?
Any guidance be of great help
Regards
S

 

[Sunny]

The breakage cost depends on current interest rates versus the rates you fixed at. Ask your bank to explain it to you. There will be a breakage cost if you try to leave the fixed rate mortgage whether to go variable or to another provider. You can try and negotiate with the bank but from I heard, everyone is chancing their arms recently and they are not being very accommadating