Changing Mortgage offer FTB

Vincentvango

Hi all,
Ok I've been waiting almost a year on purchasing a house for one reason or another (all to do with stuff in the chain, I've been ready ages). It's now almost ready to go with an exchange and completion on the same day this month.
I'm a FTB with 10% deposit on a flat worth £170,000. My mortgage offer is in place and is at a decent rate but it's only for 2 years.
It's hard to get hold of anyone at the minute (e.g. Mortgage broker) - I'm thinking due to this economic uncertainty 2 years is not long enough, if prices do drop I could get stuck on the SVR rate. Yes I can afford it, but why would I want to pay extra interest if I can avoid it! 

Question is - how straight forward would it be to extend that 2 years to 5 years? Is it a whole new mortgage offer (which I'm guessing WONT get accepted as Nationwide have massively cut down on the mortgage offers they are doing) or could it be more straightforward then that?

Thanks in advance

AdrianIsabel

Nationwide will not lend money now with a 10% deposit (I switched to another lender for the same reason) and others will do the same in the next days/weeks. Switching the fixed term is a matter to switch the mortgage product which should be easy job if communicated before the mortgage offer has been generated. The sooner you communicate this the better I'd say.