Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

A fixed rate product is very different and confers different rights and obligations on the borrower. There will be a loss of flexibility, for example. If the variable rate falls below the fixed rate the borrower cannot avail of same. If he or she wants to make a lump sum payment or move house and switch the mortgage penalties will be incurred. Mr. Sibley's answer is not good enough.