Mortgages

sarah3030

Hi All,
. I live by myself and had no idea of different kind of mortages.
I have a fixed mortgage for 5 years. I took this out last year. I wonder if i can opt out of this mortgage and look for a cheaper one.  

FtbDreaming

You can change but it would cost you money. You’ll have to read your contract and find out what the early repayment charge is. 

HampshireH

What rate are you on over what term /how much.

It's likely to cost you far more to move than it would to stay put unless you are on a very poor rate (generally most seem pretty good)

Your paperwork will tell you your monthly payments, interest rate and fee to move before the end of the fixed period usually as a percentage of the balance.

What have you seen thats cheaper 

ACG

Have a read through your mortgage offer, there will be section (10 or 11 - I forget which) which will comfirm what charges you have to pay to get out of the deal. It is rarely cheaper to pay to leave the deal in order to save money.