Can you leave Fixed rate mortgage

[Abbica]

Hi, Can I just ask, we have a fixed rate of 3years on our mortgage of 5.6% and we only have one year behind us, two to go. Can you change the fixed rate to tracker, how much would you be penalised? I presume you would be? Or would be we better struggling and hanging in there?

 

[Ravima]

You can change from fixed rate, but there may be a penalty to pay to lender. However, there is no chance of getting a tracker rate at present as they are not available to new borrowers.

I woudl think that the best you could hope for is to move to variable.