Changing Fixed Rate Term

TWIGLET1234

Took out a 5 year fixed almost a year ago with Santander. I'm just wondering if anyone knows if you can change the product mid way through the fixed term? I actually would like to fix it for longer for some peace of mind as am planning a career change. I know I still have 4 years at my current rate, but I am nervous having read lots about massive rate hikes, and I would actually be happy with my current repayment for the forseeable

Alter_ego

It doesn't work like that unless you pay early repayment charge etc and start again. Otherwise it wouldn't be called fixed term

TWIGLET1234

Alter_ego said:

It doesn't work like that unless you pay early repayment charge etc and start again. Otherwise it wouldn't be called fixed term

Ok, thanks

IAMIAM

This is interesting, if I was career changing I would stay with the lender and just keep switching rate until in a position to mortgage again potentially. 

K_S

@twiglet1234 Not without forking over their massive ERCs unfortunately. If I'm not wrong Santander charge a flat 5% to the last day of the fix. 

getmore4less

Santander are supposed to have decent product transfer rates they keep them hidden now.


What would you switch to?

Another 5 years only give 1 more year and depending on LTV and amount might better of sticking with what you have.

A 10year will cost more.


That's before you factor in the ERC


people have been talking about rate rises for years one day they will be right.

Even the last few months we get "they can't get any lower fix now before its too late"  but they are still going down.