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Regs: Dont assume that a break fee is straight forward. They really do differ between banks, so its worth asking them how it is calculated *before* signing for that new mortgage - especially if there is likely to be some volatility in the rate market.
Regs:
At the same time a colleague who had a similar mortgage to me also considered breaking his fixed term. As it turned out his bank (w?) used a different ERA formula and it was going to cost him nearly 3 times as much as it cost me to break the term. For him it didnt make sense to break it. He also switched banks at the end of his mortgage.
Dont assume that a break fee is straight forward. They really do differ between banks, so its worth asking them how it is calculated *before* signing for that new mortgage - especially if there is likely to be some volatility in the rate market.
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