Fixed Rate Trapeeze

A letter to the government, with some good responses. … &forumdb=1

"We have a fixed rate mortgage with ICS Building Society and are locked
into it for another year. I rang them a few weeks ago after the last
interest rate cut and was told rather bluntly that it would cost 5.5k
breakage fee and before I had time to digest this enormous fee, the
lady at the other end promptly hung up. Well this is money that we
just don’t have ! I was on a parenting forum recently and am hearing
more and more that some people are getting out of fixed rate mortages
with no fee…AIB/PTSB were mentioned. Why can’t these guranteed or
bailed out banks, do us a favour and help their customers.

My partner became unemployed from the construction industry in
December last year and we are just about managing to pay for
everything on my wages and his social welfare, we have 3 children
under the age of 5. When we moved into our home in 2004, we
immediately worked on a budget and have always managed our money well,
grant it I wished we had saved more, but thankfully we have no other
loans etc. A saving on our mortgage would help dramatically in these
times, also bearing in mind what maybe coming next Tuesday."