What was the penalty for breaking from fixed rate

J

joe351980

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Hi all. There is a clause in my original loan offer that stipulates the penalty for breaking from my fixed term early.
The banks argue that when we requested to come off our fixed terms WE broke the terms of our contracts.
We didn't break, we just activated the clause.
I would advise people to check their contracts for similar
 
Breaking from the fixed is not an issue. It does not change the terms of the original contract unless it specifically states you will go onto the STANDARD VERIABLE RATE
 
That's my point. PTSB broke the terms of the contract when the put us on SVR. They imply we broke the contract and lost out on the right to tracker variable rate. To me it seems very straight forward. What I'd like to know is what is the penalty for breaking a contract. To redress us with our own money is hardly adequate
 
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