“I took out a two-year fixed-rate mortgage in April 2023 to purchase my first apartment. My contract is scheduled to expire in November, which is much earlier than I had anticipated. I obtained the deal with the assistance of a broker, who has now been in touch with me. My lender informed me that the agreement I was on was no longer in effect after we spoke. Can I maintain my existing rate in any way?”
We contacted L&C Mortgages assistant director David Hollingworth to respond to this one.
“Fixed mortgage rates accomplish their stated purpose of locking in the interest rate for a predetermined,
These time frames are typically designated as two, three, or five-year fixed rates since they are typically split into market sectors.
“Once that arrangement is accepted, the lender cannot alter the terms and cannot terminate the rate early.
“A lot of lenders will fix their rates until a specified end date, but some will fix their deals for a certain number of years after completion. This could imply that at the time the application is made, the fix will endure even longer than two years.
However, the process of closing a deal can take some time, especially if you are purchasing a house that may be connected by a lengthy chain.
