Do you mean term of the mortgage or length of fixation?
Based on my experience fixation can be changed up until the point you draw down the mortgage. Your AIP includes a stress test in case rates rise so you should have flexibility to pick from most, if not all, rates on offer from the lender.
Even if you draw down the mortgage you're entitled to break out of a fixed mortgage early but this may incur a break fee.
Changing the duration of mortgage would be trickier as there are factors such as age and affordability to consider. Usually you won't be able to extent your mortgage term into retirement. Likewise you won't be able to shorten the mortgage excessively in case it impacts your ability to both meet repayments and live in the short term. If you're not impinging upon those limits you could have scope to change the mortgage length.
Another point to consider is the contractual length of a mortgage is one thing and actual length of a mortgage is another. By overpaying you can considerable shorten the length of a mortgage while retaining the flexibility of the longer contractual term in case your circumstances change.
Thanks Skrooge,
Apologies, I am referring to the period that the interest rate is fixed for.
Just so I am clear, when the AIP states “ approved for €x at y% fixed for 5 years” I can still change that 5 year period for something shorter?
Yes, I would think you should be able to. I can't see a likely reason why they would be willing to accept you as a customer but restrict you to a specific fixed-rate mortgage product.
The easiest thing to do is contact the person in the bank dealing with your application and ask them.
The rate is usually fixed on drawdown but you couldn't just decide on the day the solicitor was applying for drawdown as if you wanted to change it then a new loan offer would have to be issued for signing. So usually unless the product you are taking is restricted to some particular rate for some reason then if you wanted to change it from the loan offer you have to some other rate the bank offers ask in time to allow time to have the new loan offer issued in time for drawdown.