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Changing Your Mortgage After a Fixed Term

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

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 9, 2021

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…

Call us on 0808 189 2301 or make a quick online enquiry and we’ll connect you with one of the expert brokers we work with every day. All the brokers we work with have whole of market experience and will be able to help find you the right lender.

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

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 also known as an 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.

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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.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the 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 information 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.

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