Sounds like variable is the way to go since it will only have 3-mo penalty and your work will cover 6.coleworld wrote: ↑ I will be relocating in Spring/Summer 2018 and will NOT be porting mortgage when moving (renting for a year or 2)
My current MTG is with TD and it matures August 2017. (2 yr fixed 1.99% (100k remaining, +35% equity/down Payment)
My company pays for my move including breaking the mortgage (legal fees etc), yet stipulates the following:
"If you meet the conditions in x.x.x, you will be reimbursed:
First mortgage repayment penalty, not exceeding six months’ mortgage interest.
When your first mortgage is at a higher interest rate than current rates, the lender
may levy a special charge to cover the loss of interest, known as a “mortgage interest
repayment charge”. This is not reimbursable."
I would like to stick with TD to keep it simple and easy, but need help figuring out whether fixed or variable is best with the above conditions.\
IRD is only on fixed rates (and only when that is more than 3-mo penalty) and that's what it sounds like your work will not pay.