From: Jay Hunter
Hi,
If I fixed part of a mortgage now for 5 years whilst int. rates are lower and I found myself in a position in say 3 years where I had the money to payout the debt in total and lets say interest rates have gone up to 7.5% in 3 years... would there still be a cost to break the 5 year fixed term or is the cost only if rates are going the other way ?
in other words, are you penalised the same regardless of the direction of interest rates ??? any clarification would be great!
jay
thanks
Hi,
If I fixed part of a mortgage now for 5 years whilst int. rates are lower and I found myself in a position in say 3 years where I had the money to payout the debt in total and lets say interest rates have gone up to 7.5% in 3 years... would there still be a cost to break the 5 year fixed term or is the cost only if rates are going the other way ?
in other words, are you penalised the same regardless of the direction of interest rates ??? any clarification would be great!
jay
thanks
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