Finding the right property is rarely straightforward. And timing that purchase perfectly? That can feel near impossible. At Alexander Hall, we believe your mortgage should support your plans—not stand in the way of them. Yet many buyers feel held back by the terms of their existing mortgage, especially when it’s a fixed rate.
In this blog, we’ll walk through a real-life example of how we’ve helped clients navigate this situation. And if you’re unsure about your own options, we’re always here for a conversation. Every mortgage case is unique, and our advice is tailored to your goals.
Fixed rate mortgages: Stability with strings attached
According to UK Finance, around three-quarters of UK mortgages are arranged on a fixed rate—typically for 2, 3, or 5 years*, though longer terms are available. These products offer stability: your interest rate and monthly payments stay the same, helping you budget with confidence and shielding you from rate fluctuations. However, fixed rate mortgages often come with early repayment charges (ERCs) that apply throughout the fixed term. These are typically a percentage of the outstanding balance. That can mean thousands of pounds in penalties—often the biggest reason people hesitate to move home mid-term.
Life happens—Your mortgage should keep up
A new job might mean relocating. A growing family might mean upsizing. These changes don’t wait for your fixed rate to end—and they shouldn’t have to. Take Sam and Harriet, for example. Last year, they renewed their mortgage on a one-bedroom flat in London. They weren’t planning to move immediately, so they opted for a two-year fixed rate. Just four months later, they got in touch again—Harriet was expecting their first child, and suddenly the flat felt too small. They quickly accepted an offer on their current home and went under offer on a three-bedroom semi-detached home.
Avoiding penalties through porting
Their existing mortgage came with a £3,000 early repayment charge. To avoid this, we recommended porting the mortgage—a process that allows you to transfer your current deal to a new property. It meant no penalty, and since rates hadn’t dropped significantly between September and January, their deal was still competitive. They needed an additional £300,000 to secure their new home.
For this, we arranged a two-year tracker mortgage with no early repayment charges. Tracker products follow the Bank of England base rate plus a lender margin, offering flexibility and potential savings. Sam and Harriet had only ever taken fixed rates before, so this was new territory to them. Their adviser explained the pros and cons, and crucially, how this setup would allow them to consolidate both parts of the mortgage into one clean deal when their fixed rate ends in 2025.
Flexibility that pays off
13 months after they moved in, the base rate reduced. They paid the same monthly payment on the fixed rate element of their mortgage, whilst the monthly payments on the tracker portion reduced. At the same time, they retained the flexibility to restructure their mortgage when the time is right.
Let’s talk about your plans...
If you’re on a fixed rate and thinking about moving, you’re not alone—and you’re not stuck. At Alexander Hall, we’re here to help you explore your options and make informed decisions that support your future. Get in touch today for a conversation about your moving plans. We’ll help find a solution that works for you.
Call us on 08000 38 37 36 or click here to arrange your free appointment.
