First Mortgage

Rocker8742

Hi all,

I'm 26, just taking out my first mortgage, have an agreement in principle and a maximum budget of £175k ish.

Its a fixed interest rate for 24 months, then onto variable at what would currently be 5.8%. My question is, am I right to think that after the first 24 months we could look at changing provider to another fixed interest period or are there restrictions on when you can change provided or product?

Thanks

Broadyx

once you are out of your ERC period (normally when your fixed rate ends, but some do a couple of months beforehand) you can look to move provider, or switch to a better rate with your current provider. I would suggest looking a couple of months before your rate ends so you dont pay any unnecessary months on the variable rate.

ACG

As above, once your deal comes to an end - in this case 24 months, you would then usually be able to switch product with the same lender (if available) or switch to a new lender.

There will be a section in your mortgage offer and initial illustration (section 11 or 12 I think) that goes into any costs associated for coming out of your deal and the dates they are applicable.