Can you remortgage during a fixed rate mortgage agreement?

Despite how it might sound, it is possible to get out of a fixed rate mortgage deal in favour of something better elsewhere.

Here’s how it works and what you should expect if you’re thinking of giving your current fixed rate mortgage deal the heave-ho and remortgaging.

What is a ‘fixed rate’ mortgage deal?

The word ‘mortgage’ comes from the Latin ‘mortuus’ (dead) and the Old French ‘gage’ (pledge), but you don’t have to take your current mortgage with you to the grave.

Most lenders offer a fixed rate deal for a period of two, three or five years (and sometimes even longer) to attract customers. It gives you access to lower rates than the lender’s standard variable rate (SVR) but ties you into a contract until that initial period ends.

Of course a lot can happen in two, three and five years, and you might find yourself wanting out of the agreement.

So, can you remortgage during a fixed rate agreement?

Yes, you can. You might have to pay Early Repayment Charges (ERCs) and exit fees to do it, but there’s little stopping you from leaving a fixed-rate mortgage deal before the end of the agreed term.


The trick is to work out if the savings you’ll make by moving are greater than the fees you’ll have to pay for leaving. If they are, then it’s worthwhile.

There is more information available about remortgaging after the base rate cut here.

Other fees when remortgaging to consider

ERCs and exit fees are just part of the story. You’ll also need to think about valuation fees, arrangement fees and broker fees. For more information, read our ‘5 remortgage fees to watch out for’ piece here.

If you’re looking to leave your existing fixed-rate mortgage deal in search of something better, we can help. Mojo Mortgages compares thousands of mortgage deals in an instant and recommends the best deal to suit you, taking all the fees into account for you, without charging you a penny.

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