With a top ten fixed rate mortgage, you agree with the lender a certain time period during which the interest rate charged on your mortgage is protected from interest rate changes. This fixed period may be 1 year, 2 years or any time span that the lender offers you.
In most cases the fixed period starts when when the lender first advertises the mortgage, not when you complete the mortgage. Therefore, if with a mortgage that is advertised for several months, your fixed rate period could have started before you applied..
After the offer period, depending on the original agreement you might have to switch to paying the lender's variable rate for a certain amount of time or you may be free to switch to another product by that lender or you may be able to pay off the mortgage entirely to move elsewhere.
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