If interest rates do fall and you want to get a more favourable rate of interest, you’ll have to pay an early redemption penalty to release yourself from the terms of the agreement. Depending upon how long is left to run, this can amount to several thousand pounds.
If you have a bad credit history, the cost of borrowing money will be far higher. This means that you may actually be better-off staying on Standard Variable Rate (SVR) if you used to have a good credit rating. You may also find it difficult to refinance, especially if you don’t have much equity in your home.