Has anyone managed to switch their mortgage from fixed to variable rate

W

within29

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We remortgaged 2 1/2 years ago and fixed it for 5 years.

Every month we are late making the repayments and KBC to be fair are understanding about it. The rate is 5.29 and I was just wondering had anyone any success reducing their rate and how they went about it.

My Husband has just had a further pay cut and this will only make things tougher.
 
A lot of forgotten people in a similar position. The only way out of a fixed rate is to pay to get out of it. The penalty will generally equate to the amount the bank would have made if interest rates were to remain the same for the remainder of your fixed rate period. Since interest rates are as low as they'll ever get it doesn't make sense to pay your way out of it (the penalty is currently as large as it could be). Interest rates will start to creep up within a year or so and what you're overpaying by will come down. Sorry not a great consolation but no silver bullet I'm afraid.
 
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