"> Is it possible to switch mortgage half way through a five year fixed? | largemortgageloans.com
Ask an Expert
Ask an Expert » Is it possible to switch mortgage half way through a five year fixed?

Is it possible to switch mortgage half way through a five year fixed?

Q: We are currently half way through a fixed 5 year Vendor Gifted Deposit mortagage from the Halifax. Our House buy went through at 77,000 however are mortgage was for 69,000 as 10% was recognised as our deposit by the bank. After the fixed 5 years at 7.45%


To answer your question, yes it could be possible for you to remortgage away from the Halifax onto a cheaper product, although we would need to check whether it would be in your best interests to do so. If you were to repay your mortgage before the end of the fixed rate period there would normally be an Early Repayment Charge due. You should check your mortgage offer from the Halifax to see exactly what Early Repayment Charge would be applicable. Provided that the savings you would make by remortgaging to a cheaper product with a new lender worked out as being greater than the cost of the Early Repayment Charge you would need to pay, then this could be worthwhile considering. You would need to take into account that the maximum loan-to-value you could borrow for a remortgage would currently be 90%. If your property has fallen in value since you bought it, and if you didn’t have the funds to cover the Early Repayment Charge, then it may not be possible for you to remortgage to a new lender. It would be good to have a chat about your circumstances and current mortgage arrangements, and we can then see if it would be worthwhile you remortgaging.

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
Return to the Questions archive

Latest Articles/News

Case Studies

The mainstream mortgage market is designed to cater for the majority of can…

Latest/Related News

One of the elements which sets us apart from other mortgage advisers is our…

Press Release

The team at largemortgageloans.com has collectively been nominated for thre…

Press Coverage

Lock down your finances for the coming storms…

LML Brochure

Download our brochure to find out more about largemortgageloans.com and what we can offer

Click to Download

Sign Up

Subscribe now, to hear from us on the latest mortgage market news, products and services.

Client Testimonials


Live chat with
our team now