The short answer is yes. A homeowner can break out of a fixed rate term contract before the fixed term expires. Deciding whether to break this contract requires a review of several factors to determine whether this makes sound financial sense. Quite often penalties will be applied to leaving a fixed-term contract before the original term expires. When deciding whether to break this early a homeowner should ensure that savings made on the new rate contract exceed any break charge imposed.
If a homeowner is on a high fixed rate mortgage and there are more favourable lower rate options on the market, there can be significant savings to be made. Interest rates are at historically low levels presently so there may be compelling reasons to break the old, fixed rate and move to another lender. Breaking a fixed rate mortgage and moving to another lower interest rate product could shave hundreds of euros off your interest payments annually or even reduce the term of your mortgage by several years.