Originally Posted by Former Former View Post
The OP got a good deal because it was in the bank's interest to do so. He/she had one year left on a fixed rate. At the end of that year, he might have taken his business elsewhere, but by giving him a nice deal, the bank now has his business for another two years.

If someone else rings up and they have three or four years left on a fixed rate, or wants to move to a different bank, there is a lot less incentive for the bank to do anything for them and they're not going to get as good a quote.

So if you can find a better mortgage, get a reasonable fee to break your fixed rate and factor in legal fees etc - and still come out on top, then it's a bargain.
The bank didn't give the OP a deal, the cost to break would have been the same if he was moving to another bank or staying with his existing.

Banks have no control over how much it costs to break a fixed term mortgage