penalty for breaking a 5 year closed variable rate because I sold my house.

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My son is on a fixed rate mortgage deal, four years to run and currently running at 5%+ per month. they are expecting their first child this year and therefore need to cut their costs as much as possible. the mortgage will be a major consideration and no one could have foreseen rates dive to their all time low. the mortgage is with hsbc. does anyone know if the bank, bearing in mind the current economic climate and financial pressures people face, would be prepared to change this mortgage tor a variable rate, and hence enjoy the new rates, while not insisting on a heavy redemption penalty or at least negotiate that to ensure that he can keep his house in this tough climate. does anyone consider that hsbc may put people and property before money on this occasion? is the word 'help' too much to ask in the current climate? all views welcome ... thanks

hi, i would say no they wouldn't as banks are set to lose quite a lot of money in the near future so will be relying on people such as your son who are on the high fixed rates to compensate.As you probably already know they make most of their profit from interest from the money they lend to their customer, however because of the current climate they will be lending less therefore getting less in return. That all said if you don't ask you don't get - it can't hurt to ask them??