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Ask an Expert Getting out of a fixed rate?

Getting out of a fixed rate?

Q: Is there any solution to get out of the 2 year fixed rate that we have, and would it be wise as we would incur penalties to change?

A:

There are actually two questions here. Firstly, is there any solution to get out of your fixed rate? The answer to this is yes, it is possible. We can help you by looking at both your existing lender and others who may be able to offer you a better deal. This leads into the second question, which is would it be wise? To be able to address that, it would be necessary to have a lot more information, such as the interest rate being paid, how long it has left and the amount of the penalties. We can then carry out an analysis for you, taking into account the potential savings from a lower interest rate and all the costs involved to give you the complete picture.

These questions are for information purposes only and do not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration
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This Month’s Top Fixed Rate

Fixed rate
Initial rate: 1.35%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.46%

Get This Rate

This Month’s Top Variable Rate

Variable rate
Initial rate: 0.97%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

Get This Rate

Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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