Fixed Mortgage - Change Rate?

dudley72

I fixed my mortgage about 24 months ago on a fixed over 5 years. The bank has since reduced that rate, I asked about cancellation of mortgage and they quoted a couple of grand. Was talking to a friend and he said the Bank has to offer existing customers the same reduced rate they have now given to other customers? is this correct?

athlone573

No

The clue is in the name, fixed rate

eltonyio

What bank? I've done this twice in the last 2 years with AIb and they moved me to the lower rate with no penalty, although starting a new 5 year fix each time. Dropped from 2.55 to 2.3 to 2.1 now.Email them and ask to be moved, they'll post you a form, sign and return and that was it.

dudley72

https://boards.ie/discussion/comment/117629888#Comment_117629888

Im with KBC

Wheety

I'm with KBC and the last time I broke a fixed rate it was €0.

It changes all the time so maybe get a quote every month or 2. You will be breaking out of a fixed and the fixing again for a new 5 year period.

It might be worth doing but you would have to figure out how long it would take to make back the fee. I'm guessing you wouldn't be saving a huge amount as 2 years ago is when they had reduced fees initially.

What are the rates you'd be gong from and to?

I also fixed for 5 years around 2 years ago and will probably switch (to another bank) if the break fee is not crazy.

dudley72

https://boards.ie/discussion/comment/117636896#Comment_117636896

Im on 2.6% fixed and I can drop to 2.4%. Not huge but still a savign

Originally I was looking to move but the cancellation fee was 2-3k so it would have cost to move

Wheety

https://boards.ie/discussion/comment/117636952#Comment_117636952

I think I'm on 2.6 too, that's with the current account discount too?

Avant have 1.95% and AIB have 2.1% for their green mortgage (<50%) or 2.15% (50-80%) with €2k cashback.