Im into year 2 of a two year fixed rate due up next March.
Will I be penalised by the bank if I switch bank while on the fixed rate?
With EBS.
From their website it doesn't mention anything about a penalty when switching bank.
An early redemption charge is payable in the following cases where the fixed rate period has not expired:
If a capital payment or full repayment is made to the loan, including an involuntary/voluntary payment from a third party source e.g. a payment from a Mortgage Protection policy; or
in a nutshell, yes, and with 10 months left to run, it'll probably be quite a bit - it would fall under No 1 as when you switch you will effectively be making full repayment of the loan back to EBS