Rate fixed for 5 years - what happens afterwards?

jumperabv3

So I'm new to how mortgages work, and I've completed my (re-)mortgage just a few days ago - my mortgage is fixed for 5 years ... I'm wondering what happens after 5 years? Can I ask the same lender to fix the rate for another 5 years? Is it an easy process to update/fix the rate or is it going to be another new procedure just like applying for a new mortgage?

Thrugelmir

Before the fixed term ends your lender will write and notify you of same. You'll be able to go online and select a new product from those available. If you don't select a new product, by default you'll drop onto your lenders SVR or the rate as specified in your current product contract . 
This is not a remortgage. Requires no underwriting if performed online. If however you do contact your lender for advice they are required to perform affordability checks. 

NewShadow

Adding to the above - to be clear, you don't have to go with your existing lender - you can apply to new lender at the end of your fix if they're offering a better rate/deal... but that will include paperwork/costs/fees, so you need to factor that into any calculations. 

jumperabv3

Thrugelmir said:

Before the fixed term ends your lender will write and notify you of same. You'll be able to go online and select a new product from those available. If you don't select a new product, by default you'll drop onto your lenders SVR or the rate as specified in your current product contract . 
This is not a remortgage. Requires no underwriting if performed online. If however you do contact your lender for advice they are required to perform affordability checks. 

Thanks for your help and sorry for responding after 2 days, I was away too busy with too many issues like many of us (COVID19 related).
My lender doesn't provide any online platform (bmmortgages.co.uk) - so how would I be able to "choose" something online if there is no online platform? Will it simply be done over the phone or via post?

Thrugelmir

Is your mortgage a BTL? 

jumperabv3

Thrugelmir said:

Is your mortgage a BTL? 

Yes.

Thrugelmir

Ah! Disregard my previous comments then. 
You'll need to contact a mortgage broker. As BM do not deal direct with clients. 

jumperabv3

Thrugelmir said:

Ah! Disregard my previous comments then. 
You'll need to contact a mortgage broker. As BM do not deal direct with clients. 

Got it, thanks!!