Changing fixed mortgage

lazar1980

Hi all,

not sure if this was covered already but worth investigating.

Have Santander 5 year 3.69% fix, 190k with 4 years left and 5% ERC.

Browsing their deals I noticed that interest rate dropped down to around 2.5% which would suit me much more


Anyway, question is will they agree to give me new 5 year fix with lower rate but avoiding ERC, or getting them to charge me only half?

While I think answer is no, would be great to hear if anyone actually tried to do that and what was the outcome?

Thanks for your time

King_Slayer

Rates change, hence the reason we choose what rate suits best at that time and what the lenders will agree. This is a risk you take went choosing a specific mortgage. A lower rate will always be beneficial, however if the lenders decide to change because it would suit you, everyone would be changing there fixed agreement and lenders would loose money.

However when you choose a fixed term this is on the basis, that the lender would have your business for that set term. I can imagine if you decide to change there may be fees incurred (if it can be done). However, your best option would be to read your Terms and Conditions and contact the Bank.

lazar1980

Thanks, will do ofcourse.


I understand everything but you know how it goes: you don't get until you ask :rotfl: