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Changing Your Mortgage After a Fixed Term

Can I change a fixed rate mortgage? Our guide has the answer!

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 6th September 2019 *

Once you’ve signed on the dotted line for a fixed rate mortgage, it doesn’t mean that’s the end. Many people find that their personal circumstances change over time or they discover a better deal so they look into switching mortgage either during or after a fixed term. 

It is possible to switch your mortgage during or after a fixed period ends, but there are considerations you need to be aware of, such as potentially hefty exit fees that you may incur.

This article covers key information you need to know on this subject, and you’ll find the following topics covered in detail below...

We’ll be covering the following topics:

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If you’d like to know more about what’s involved in changing your mortgage during or after a fixed term, we’ve put together this useful article as a starting point

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Can you change a fixed rate mortgage?

In short, yes, it is possible, but it’s not a decision you should take lightly – consider the pros and cons and speak to an expert before you decide. 

This applies whether you want to change your mortgage before the fixed rate term comes to an end, and also after the fixed rate ends and you’re deciding whether to switch provider to pay off the remaining mortgage balance. 

Typically, if you change contracts in the middle of a fixed rate term,you’ll be charged exit fees which could outweigh the benefits of switching in the first place.

Do fixed rate mortgage payments change?

During the length of your fixed term contract, whether that’s two years, five years or 10 years, the payments don’t change. This is one of the reasons many people opt for a fixed rate mortgage, because the payments don’t fluctuate even if interest rates do or your lender’s criteria changes. 

It’s worth noting that if you decide to pay off more than you need to, for example with a lump sum in order to pay off the mortgage quicker, you may face an early repayment charge or ERC.

Can you change mortgage after the fixed term ends?

Yes. Typically this is what people do to ensure they’re always getting the best deal. 

Any number of changes could have happened since you began paying off your mortgage. As well as your own personal circumstances, things like an increase or decrease in your salary, interest rates and lender rates are also likely to have changed.

Switching mortgage can mean switching provider, which we’ll look at next..

Changing mortgage provider after fixed term

Once a fixed term contract ends, it’s advisable to look for a new deal This is because rates and offers could have changed since your contract began. The rate on your existing mortgage may increase after the fixed rate period.

Experts recommend that you shop around for deals, possibly with a new provider. 

A mortgage broker can assist you with this. If you need help finding one, make an enquiry, we can put you in touch with one of the experts we work with.

Changing your mortgage after a fixed rate ends can be a time consuming process not too dissimilar to when you took out the initial mortgage. Be prepared for this. 

You’ll need to apply, wait to be accepted, appoint a solicitor to carry out any legal work and you’ll probably even need to get a new property valuation done.

Where can I get further advice on switching mortgage during or after a fixed term?

As mentioned at the beginning, it’s advisable that you speak to an expert before you make a major financial decision like changing your mortgage or switching to a new mortgage provider. 

To get help finding one, give us a call on 0808 189 2301 or make an enquiry. The expert advisors we work with have whole of market experience and can find your next best fixed rate deal or help you change your mortgage provider after a fixed period ends.

Then sit back and let us do all the hard work. We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

Updated: 6th September 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.