Process for breaking out of fixed rate mortgage

[XXX222]

Hi,

Can anybody explain the process for breaking out of a fixed rate mortgage and switching to variable rate?

I understand the bank needs to do a calc for the redemption quote and determine if there is an early repayment charge.

I want to know can it all be done over the phone and if there is no charge, can it be done on the same day that I call in?

Do I have to give anything in writing to the bank?

Thanks,
Clare

 

[ClubMan]

I want to know can it all be done over the phone and if there is no charge, can it be done on the same day that I call in?

Do I have to give anything in writing to the bank?

Probably depends on the specific lender's administrative policy/process.
Probably easier to just ask your lender?

 

[cally1990]

You'll have to speak to your lender and query the fixed rate breakage fee if applicable

Then it's paying that fee and following the normal route for querying the variable rates they offer and agreeing to the variable rate and switching over to that

(Assuming you're staying with the same lender)