When you buy a property with the help of a loan, it\u2019s up to you to decide <a href="\/mortgage-application\/complete-guide-to-mortgages\/">which type of mortgage<\/a> is right for you. Each carries varying degrees of risk, so to discuss which is most suitable for your circumstances, contact us to speak to an expert advisor.\r\n\r\n<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/fixed-rate-mortgages\/">Fixed rate mortgages<\/a> are when lenders give you an initial short-term \u201cincentive\u201d rate (usually two-five years, although <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/fixed-rate-mortgage\/long-term-fixed-rates\/">longer fixed rate deals<\/a> are on the increase), which remains fixed for the agreed term, regardless of any base rate fluctuations.\r\n\r\nBut what happens if you change your mind during this incentive period? This article will be covering when it may be wise to break a fixed rate plan and how much it would cost to get out of a fixed rate mortgage:\r\n<ul>\r\n \t<li><a href="#how-to">How to get out of a fixed rate mortgage<\/a><\/li>\r\n \t<li><a href="#what-is-cost">What is the cost of breaking a fixed rate mortgage?<\/a><\/li>\r\n \t<li><a href="#should-you">Should I break my fixed rate mortgage?<\/a><\/li>\r\n \t<li><a href="#fixed-expert">Speak to an expert for advice on your fixed-rate mortgage plan<\/a><\/li>\r\n<\/ul>\r\n[feefo-banner]\r\n<h2 id="how-to">How to break a fixed rate mortgage<\/h2>\r\nRecently, mortgage providers have been making their rates more and more competitive to help encourage more buyers onto the property ladder.\r\n\r\nWhile this is great news if you\u2019re currently in the process of buying a home or <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/fixed-rate-mortgage\/fixed-rate-remortgages\/">remortgaging<\/a>, it can be extremely frustrating if you agreed to a fixed-rate deal a couple of years ago - especially for longer-term fixes.\r\n\r\nUnderstandably, it stands to reason that some current homeowners are unhappy with their current financial arrangements. If you\u2019re considering trying to get out of your fixed rate deal, it\u2019s a simple matter of contacting your lender.\r\n\r\nBut there are implications of breaking a fixed-rate mortgage. While most lenders allow you to get out of your plan, there are costs and other factors to consider, which we\u2019re going to cover next.\r\n<h3 id="what-is-cost">What is the penalty for breaking a fixed rate mortgage?<\/h3>\r\nBecause some of the new offers popping up onto the market are so affordable, trying to get out of your fixed-rate deal and switching to one of them can be very tempting - but is it worth it?\r\n\r\nAlmost every fixed-rate and <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/tracker-mortgages\/">tracker mortgage<\/a> lender imposes an early repayment charge (ERC) if you want to get out of a deal early - and this can be pricey. Exactly how much it will cost to break your fixed plan is very much lender-dependent.\r\n\r\nIn some cases the ERC will be fixed, meaning you\u2019ll pay the same even if you\u2019ve already completed three years of your five-year plan - for example. Other lenders take a \u201ctiered approach\u201d, meaning the fee will decrease as each year of the deal passes, there are some lenders who offer <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/mortgage-no-early-repayment-charges\/">mortgages with no early repayment charges<\/a> so it's worth speaking to an advisor to work out what charges you may face.\r\n\r\nThe basis on how lenders charge ERCs may also vary. Some will charge depending on how much loan you have outstanding, whereas others may base it on the original loan amount.\r\n<h2 id="should-you">Should I break my fixed rate mortgage?<\/h2>\r\nGiven that ERCs could potentially cost you thousands of pounds, it can be very difficult to weigh up whether the savings you\u2019d make by switching providers will be financially worthwhile, or just a waste of time.\r\n\r\nBefore you make any hasty decisions, it\u2019s important to consider all the above factors to ascertain how much you\u2019re liable to be paying out in relation to what you\u2019ll be saving by moving to a new lender.\r\n\r\nFor assistance with this, <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">make an online enquiry<\/a> and we\u2019ll refer you to a specialist.\r\n<h2 id="fixed-expert">Speak to an expert for advice on your fixed-rate mortgage plan<\/h2>\r\nAs we\u2019ve established, if you\u2019re considering breaking your fixed-rate mortgage it\u2019s extremely important to check your agreement to see how your ERC is calculated, as well as any other associated penalties.\r\n\r\nIf you\u2019re having trouble doing this, don\u2019t panic - we work with ERC specialists who are at hand to do all the hard work on your behalf!\r\n\r\nThey can assess your situation and provide you with advice on what they feel your next move should be.\r\n\r\nSo, what are you waiting for? Give us a call on 0808 189 2301 or <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">submit an online enquiry<\/a> and we\u2019ll be in touch as soon as we can. We only work with 5* accredited advisors, we don\u2019t charge a fee, and there\u2019s absolutely no obligation on your part.