First time buyer new to mortgages!

BlueEngineer

Hello,

I'm a first time buyer and I've started looking at getting a house with my partner. We have a very good deposit (~110k) and want to get a house around 260k ish. We could get a 4 year fixed rate mortgage at 2.39% followed by 3.99% after those 4 years. The initial monthly payments at 2.39% are £664 a month. This split between us both is comfortable and not much more than we currently pay in rent, but I've heard about people switching to a different mortgage deal after the fixed term ends. How likely is it that we would be able to switch to a better rate than 3.99% after those 4 years? If I knew it was easy to switch to another deal id be able to go for a slightly more expensive house, but I'm wary about going for a higher value house on 3.99% incase interest rates rise.

Any advice is much appreciated, thanks.

Malmo

Prior to the end of the fixed period at 2.39%, you could investigate that lender's customer retention deals, which would avoid credit and affordability checks if done by yourself without involving the lender's adviser and assuming you don't require any change to the term or additional borrowing. The other option is to remortgage with another lender, which would require credit and affordability checks like any new application.