Breaking your mortgage contract
This depends if you have a fixed interest rate mortgage, or a variable rate mortgage and what the current rates are doing in the market. If you are breaking your contract and you have a fixed interest rate, the lender will charge you an Interest Rate Differential Penalty or 3 months interest- whichever is greater. An IRD is calculated by taking your remaining months in your term and multiplying it by the difference between your contract rate and the current market rate that lender is offering.
If you have a variable rate mortgage, things are simpler. For breaking your contract, you will be charged a 3-month interest rate penalty.