Rate Reduction for Fixed Rate Mortgages

PaulRose13

Hello
I am currently on a Fixed rate mortgage. I have 1 year still left.
With the recent rate cut announced can i some way convince the bank to reduce my rate too even though its a fixed rate ... ... there is a difference of nearly 1% between the current fixed rate offered and my current fixed rate 
Appreciate the help
Thanks 

isthereanybodyoutthere

If the rate had gone up would you be trying to convince them to increase your fixed rate.........

if the answer is ‘no’ then I think you can guess what the answer is to your question 😂

Thrugelmir

You are contractually tied into the product you selected. To exit you'll need to pay the applicable Early Redemption Charge.

PaulRose13

isthereanybodyoutthere said:

If the rate had gone up would you be trying to convince them to increase your fixed rate.........

if the answer is ‘no’ then I think you can guess what the answer is to your question 😂

Thanks and makes sense ... however these are unusual circumstances which led me to ask... the question 

PaulRose13

Thrugelmir said:

You are contractually tied into the product you selected. To exit you'll need to pay the applicable Early Redemption Charge.

Yes it does say there is a early redemption fee associated 

jimbo2108

A contract is a contract, it can't be changed over the terms unless contracts were signed under duress. Like the above said, would you be asking them to increase your rate if rates had have gone up

ChopperST

You pays your money and you takes your chances.  You opted for the security of a fixed rate product and that is what the bank have given you.  Work out if it is worth paying the redemption fee v waiting till your fix is over and remortgage then.