Charlie Weston

€360,000.

If there's a quarter percent increase in the rate that you have to pay, we're talking here a 30-year mortgage,

You're typically talking about 100 euros extra a month, 100 extra a month.

That's 1,200 over a year.

A hell of a hit.

So look, if you're on a fixed rate, even if you've got a year to go in it, maybe contact your lender.

Speak to them.

Get on to your broker if you use the broker.

See if it can tie into a new fixed rate at the moment when rates are still relatively low.

Is there a penalty, though, for breaking a fixed rate mortgage?

It really depends on the bank and the rate you got when you took out the mortgage.

If current mortgage rates are higher than when you took out your fixed rate, there'll be no loss to the bank, so there won't be a penalty.

So it very much depends on what rate you went into.

Look, if you went in at a 2% rate three years ago,

you may have to pay a penalty.

But if you're one of those who paid up to 4%, which people did, there were mortgage rates of 4% in 2022-24,

There may be no penalty, even if there is one day, but it may still be worth your while to get that certainty.

And, you know, we tend to lock in for short periods in this country.

Most people go for a two, three or five year.

Avant money will give you a 15 year, 20 year, 30 year, even a fix for life.