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Before you sign, establish whether you are locking a quoted rate for the period before closing or committing to a fixed-rate period on a funded mortgage. Those are different contracts. A pre-closing lock can expire if settlement is late or your application changes; a funded fixed period can create a break fee if you repay or switch early. Get the dates, qualifying events, post-expiry rate and all exit costs in writing before relying on the headline rate.
First, identify what is actually fixed
The phrase “fixed rate” is used for two different stages of a home loan. The first is a rate lock attached to a mortgage application before the loan closes. The second is a fixed-rate period that begins when the lender funds the mortgage. Confusing them can leave you uninsured against a rate rise, or unexpectedly liable for an early-repayment charge.
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A US-style pre-closing rate lock
The Consumer Financial Protection Bureau (CFPB) defines a lock-in as an agreement that the interest rate will not change between the offer and closing, provided closing occurs within the stated period and the application does not change. Typical periods are 30, 45 or 60 days, sometimes longer. The lock may cover the interest rate, points, a reference rate and margin, or a combination; the lender’s written confirmation controls.
A lock is conditional, not an unconditional promise. The CFPB lists changes that can affect the locked terms, including the loan amount, credit score, income documentation, loan type, down payment and appraisal. Lender policies differ, so check the Loan Estimate or equivalent document for whether the rate is locked, the expiration date and the conditions.
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A funded mortgage’s fixed-rate period
After funding, the fixed period is part of the loan contract. It may last for a stated number of years, after which the loan may move to a variable or reversion rate, or you may select another fixed period. Paying the balance off, refinancing or moving to another lender before that period ends can trigger a break fee or early repayment charge (ERC), depending on the contract and local law.
| Question | Pre-closing rate lock | Funded fixed-rate period |
|---|---|---|
| When does it operate? | Between the lender’s offer and closing or settlement. | After the mortgage is funded, for the agreed fixed term. |
| What ends it? | The stated lock deadline or a permitted change to the application. | The contractual end of the fixed term, or an early repayment, refinance or switch. |
| Main risk | The rate may float higher, or an extension may cost money, if closing is late. | A break fee/ERC may make an early switch uneconomic. |
| What follows? | The lender’s current available rate or a re-lock policy, if any. | A new fixed rate, a variable/reversion rate, or another contractual option. |
Put the dates and expiry event in writing
“Expires on 1 June” is incomplete unless the document says what must happen by that date. Ask whether the lender requires approval, signing, settlement, funding or the beginning of a new fixed term. Confirm the time zone and whether weekends or public holidays alter the effective deadline.
If a pre-closing lock expires
Ask what rate applies immediately after expiry and whether the lender automatically re-prices the application. Find out whether an extension is available, how it is priced, whether the fee is refundable, and whether a new lock can be chosen. An extension can be expensive, particularly when market rates have risen. Do not assume that a lender will extend the lock or preserve the original rate.
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If a funded fixed period ends
At least several weeks before the end date, ask for the renewal or conversion options in writing. In UK consumer guidance, doing nothing at the end of an initial fixed or discounted deal normally moves the borrower to the lender’s reversion rate, often a standard variable rate that is higher than the introductory rate. Australian prescribed home-loan information similarly describes conversion to the applicable variable rate if another fixed rate is not entered. The exact outcome is contract-specific.
Offer validity is not the same as a rate lock
UK mortgage offers are generally valid for three to six months, depending on the lender. That is an offer-validity period, not a universal guarantee that the interest rate is held for the entire period. Read the rate-lock wording separately. Eligible customers of participating UK Mortgage Charter lenders approaching a fixed-rate expiry may be able to lock in a new deal up to six months ahead and request a better like-for-like deal before the new term starts if one is available. This is a UK commitment with eligibility limits, not a general right in every country or with every lender.
Understand break fees and early repayment charges
Request a current written estimate before making an overpayment, refinancing, selling or switching. The estimate should state the balance used, the calculation formula, the date on which it is valid and every additional charge. A figure quoted months ago can change as the balance, remaining term and market reference rates change.
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New Zealand: a contract-based break fee
New Zealand Consumer Protection guidance says a lender may charge a break fee, in addition to an administration fee, when a borrower ends a fixed-term mortgage early, such as by repaying it or moving to another bank, if the contract allows it. The fee may recover the lender’s costs or losses, but “lenders cannot profit from break fees.” The guidance also states that when rates are higher than when the mortgage began, the lender cannot charge a break fee. Ask for the lender’s calculation before breaking the term and check whether a cash incentive must also be repaid under the contract.
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United Kingdom: ERCs usually reduce near the end
UK Financial Conduct Authority guidance says an ERC is likely if a fixed or discounted mortgage is repaid before the deal ends, although some lenders do not charge one. It is commonly a percentage of the outstanding balance and usually falls as the deal approaches expiry. Check the exact percentage bands, any permitted annual overpayment allowance, and the date on which the charge reaches zero. A discharge fee, product fee or incentive clawback can be separate from the ERC.
Other markets: disclosure does not standardize the fee
Australian prescribed key-facts material calls for disclosure of the fixed-period end outcome, possible early-repayment costs, and a comparison of rates, fees and features. Canadian federal rules require fixed-loan disclosure including the term, amortization period when different, interest rate, payment details, components of an early-repayment formula and other charges. These are disclosure requirements, not a promise that every mortgage in those countries uses the same formula.
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Compare the whole deal, not just the fixed rate
Use the lender’s written offer and fee schedule to compare each option on the same balance and term. A lower rate can be more expensive if it carries a large upfront fee, restrictive overpayment rules or a costly exit.
| Comparison point | What to record | Why it matters |
|---|---|---|
| Rate and fixed duration | Annual rate, fixed years or months, and whether the rate is conditional. | A longer fix can provide payment certainty but may reduce your ability to move if circumstances change. |
| Upfront and ongoing fees | Application, valuation, product, account and legal fees. | Include them in the total cost rather than comparing interest alone. |
| Lock coverage | What is locked, start and expiry dates, extension cost and re-lock rules. | A rate lock may not cover points, fees or later application changes. |
| Rate-fall options | Float-down, repricing or cancellation rights and any replacement fee. | If rates fall, the original lock may prevent access to the lower rate unless the contract provides an option. |
| Overpayments | Annual allowance, minimum amounts and whether partial repayment triggers a charge. | Flexibility can be worth more than a small rate difference for borrowers expecting bonuses, inheritances or a sale. |
| Exit costs | Break fee/ERC formula, discharge fee, administration charge and incentive clawback. | These determine whether refinancing or selling is financially sensible. |
| Expiry rate | Reversion or variable-rate basis, margin and notice period for selecting a new fix. | The payment after the fixed period can materially change the loan’s cost. |
| Switching costs | New valuation, legal work, registration, application and settlement charges. | Compare the saving from a new loan with the complete cost of changing. |
Questions to send the lender before locking
Ask for answers by email or in the formal offer. Keep the response with the loan documents.
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- Exactly what is fixed: the interest rate, points, reference rate, margin, fees or only some of these?
- What date and time does the lock or fixed period start and end?
- What event must occur by expiry: approval, signing, settlement, funding or commencement of a new fixed term?
- What rate applies if the lock expires before closing, and can the application be re-locked?
- What fee applies to an extension or renewal, and is any part refundable?
- Which changes to the loan amount, valuation, credit profile, income evidence, loan type or down payment can change the rate or eligibility?
- If market rates fall, is a float-down or lower-rate switch available, and what does it cost?
- What is the exact early-repayment or break charge today, and how is it calculated?
- Does a partial extra repayment trigger a charge, and what annual overpayment allowance applies?
- Are discharge, administration, cash-incentive clawback or other charges payable in addition to the break fee?
- What are the full costs of the replacement loan, including switching and settlement expenses?
A lender’s rate-lock example shows why wording matters
One published Australian lender terms document describes an optional Rate Lock covering reference interest rates for 90 days for a non-refundable fee. Its terms say the lock cannot be extended and does not automatically pass on a lower market rate. The document also sets out conditions and a fee for requesting that the lock be broken. This is one lender’s example, not a market-wide rule, but it demonstrates why the agreement—not a verbal promise or a generic product page—must be checked.
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Follow this process before you commit
- Identify the stage. Label the document “application lock” or “funded fixed term” and note the loan number and property.
- Mark the operative dates. Record the start, expiry and required event, including any holiday or weekend adjustment.
- Obtain the post-expiry rate. Ask for the actual variable or reversion basis, margin and payment calculation, not just the words “standard rate.”
- Model a late-closing case. Get the extension fee, available extension length and rate if no extension is granted.
- Model a rate-fall case. Ask whether a float-down exists, whether the lock fee is forfeited and whether a new application is required.
- Model an early-exit case. Request a dated break-fee/ERC quote for a full repayment and for a permitted partial overpayment.
- Compare alternatives on total cost. Add interest, fees, expected overpayments, exit charges and switching costs for each fixed duration.
- Confirm the final terms. Do not rely on a broker or call-centre summary that is absent from the written offer.
What to do when circumstances change
Closing is delayed
Contact the lender before the lock expires. Ask whether the delay can be covered by an extension, what it costs and whether the extension preserves all original terms. If the lender will not extend, obtain the replacement rate in writing and compare it with the cost of delaying, changing the loan or proceeding at the new rate.
Rates fall after you lock
Ask the lender the question the CFPB highlights for consumers: “If I lock my rate, and interest rates go down, what happens?” The answer may be a float-down, a new lock fee, a complete reapplication or no change at all. A non-refundable lock fee can make a lower rate less valuable than it first appears.
You want to refinance or sell during the fixed period
Obtain the current payoff statement and break-fee calculation before making an offer or applying elsewhere. Include any incentive repayment and discharge cost. Compare the one-time cost with the interest saving over the period you expect to keep the replacement loan; a lower new rate does not automatically produce a net saving.
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| Market and source | Point to verify |
|---|---|
| United States, CFPB | Pre-closing locks are commonly 30, 45 or 60 days, sometimes longer; application changes and late closing can alter the terms. |
| New Zealand, Consumer Protection | Break fees must be supported by the contract and recover costs or losses rather than produce profit; obtain the lender’s calculation. |
| United Kingdom, FCA | ERCs depend on the mortgage terms and commonly decline near deal end; doing nothing can move the borrower to a higher reversion rate. |
| United Kingdom, Mortgage Charter | Eligible customers of participating signatories may lock a new deal up to six months before expiry and seek a better like-for-like deal before it starts. |
| Australia, prescribed disclosure | Check the stated fixed-period end outcome, possible early-repayment costs and the comparison of rates, fees and features. |
| Canada, federal disclosure | Check the disclosed term, amortization, rate, payments, early-repayment formula components and other charges. |
Common mistakes and the practical fix
- Calling every fixed rate a lock. Separate the application deadline from the funded loan’s fixed-term end date.
- Assuming expiry means automatic renewal. Ask what happens if you give no instruction and record the notice deadline.
- Using an old break-fee estimate. Request a dated figure immediately before repayment or switching.
- Ignoring partial repayments. Check the annual allowance and whether the fee applies to the amount above it.
- Assuming a lower market rate is available after locking. Confirm float-down or re-lock rights in the written terms.
- Comparing rates without fees. Add product, extension, discharge, legal, valuation and incentive-repayment costs.
- Applying one country’s rule everywhere. Label UK, US, New Zealand, Australian and Canadian statements and follow the law and contract governing your loan.
The safe decision is the one you can price in advance: a defined lock or fixed-term end date, a documented rate after expiry, and a current written figure for every way you might leave early. If the lender will not provide those details, you do not yet know the cost of the commitment.
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