Fixed rate questions

sanova76

Hi, 

I'm on fixed rate and due for renewal end of March 2023.  Back in January, I choose a deal, 5 year fixed 4.46% initial rate.  I just checked online and the bank offered 5 year fixed 4.29% initial rate. 

Sorry for the stupid questions, my understanding is, 4.29% is obviously a better deal since the interest rate is lower?  And if I choose fixed rate, can the bank switch me to variable rate without my consent?

Thanks.

RelievedSheff

If you have not started your new fixed rate yet then you can ask your lender to switch you to the lower rate.

After your fixed rate deal expires you will automatically be put onto your lenders standard variable rate unless you choose a new product or remortgage with a new lender.