Various reasons may lead to switching home loan like changing your home or change in income. The main factors to consider while making the changes are time period interest rate, loan terms etc. A shorter time period of repayment leads to a low overall interest. However choose it based on how much EMI you will be able to shell out for a short term loan. The monthly installments are higher for short-term loans but sometimes the increase is manageable and you can save in the overall interest paid.
A low interest rate should not be a deciding factor to choose a loan provider. It is easier to switch from a variable to fixed interest rate whereas the other way round is not easy. Variable interest rate is viable if the rate is expected to come down in the following years.
In case of fixed rate of interest breaking the loan before the end period will lead to payment of economic cost charged by the bank. The amount is the loss incurred by them for the changes made to the repayment. This is the exit cost of loan and there is entry cost too. When you go for new loan there is entry cost, make sure before you will be able to pay this before ending the previous one.
Check out the benefits associated with the loan such as redrawl of funds and repayment holidays. However do not let these be the deciding factors over cost and effort involved in switching loans