whats the story with changing mortage providers when on a fixed rate mortgage?

R

rania

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on yr 2 of 5yr fixed rate .
can we leave ics and go else where
would we be subject to fixed rate breaking penalty in that case
will anyone sle want to take us on
thanks
 
You would have to check the T & C's of your mortgage, but more than likely a penalty, usually about 6 months interest, for breaking a fixed rate!
 
Maybe someone can answer this. It's an idea in relation to getting out of a fixed rate.

Example:

Mortgage A with Bank A at x% fixed, say 200K borrowed.

Bank won't let you out or its too expensive to consider.

Can you go to Bank B, borrow, say 195K, at a variable rate - then pay off 195K from the original fixed rate mortgage.

Now you have 5K at the original fixed rate and 195K at the variable rate. And you haven't broken the fixed rate mortage, it still exists just a reduced capital amount!

There would need to be some work by a solicitor to keep Bank B happy that the 195K was going to be used to pay off the Bank A loan.
 
Yeah you would still have to pay a penalty on the €195,000 that you pay off. Also you are talking about having two mortgages on the same property. Very unlikely banks would be interested.
 
Lobby said:
Can you go to Bank B, borrow, say 195K, at a variable rate - then pay off 195K from the original fixed rate mortgage.

Now you have 5K at the original fixed rate and 195K at the variable rate. And you haven't broken the fixed rate mortage, it still exists just a reduced capital amount!
Click to expand...

Are you asking if you can have two mortgages from two different banks on one property?
 
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