Your loan moves to a variable rate, usually EIBOR plus the bank's margin, so your monthly payment can go up or down. You can ask to re-fix or switch banks.
- Check your offer letter: it shows the follow-on margin, which is often higher than new-customer pricing
- Ask your bank to re-fix: many offer a new fixed rate for existing customers
- Switch banks (buyout): worth it if the saving repays the costs within about 2 years
- Part-prepay: many banks allow 15–30% a year free
Start comparing about 3 months before your fixed period ends.
Related: Refinance and buyout · Switching during a fixed rate
