When interest rates come down, can I switch?

Rosstifer25

Hi, 

I got my mortgage in October last year with an interest rate of 5.6% and I’m fixed for 5 years. This is affordable but as and when interest rates come down, is there any way for me to take advantage? For instance if my lender has a better rate than I’m on, would they allow me to switch? 

Apologies if it’s a silly question. 

ACG

Some lenders will, but you will incur the early repayment charge (which will probably be 5% untill around October then 4% - but check your offer). 
Other lenders wont allow you to switch products but you could go to a new lender and again still incur the ERC. 

penners324

Possible, yes. Are you willing to pay 5% of the mortgage balance as a fee?

Hoenir

What's the Early Repayment Charge for exiting the product ? Is the the saving sufficient to warrant the switch. That's the £ question. More often or not it isn't. 

PixelPound

Why did you fix for 5 years if hoping the rates would come down to be able to switch?