Fixed-rate mortgages
Your fixed rate is ending. Here are your options.
The end of a fixed deal is the one moment in a mortgage where doing nothing is the expensive choice. You have four real options, and which one suits you depends less on the headlines about rates than on a couple of dates that are already set. Here is the whole picture.
Option 1: do nothing, and land on the SVR
If your fix ends and you have not arranged anything, your mortgage rolls onto your lender's standard variable rate. The SVR is set by the lender and is usually two to three percentage points above a typical fixed rate. On a £200,000 balance that can mean several hundred pounds more each month, charged from the first day and for as long as you stay on it. This is almost never the choice anyone actually wants, but it is the default if the date slips past you.
Option 2: take your lender's new offer
Your current lender will usually offer you a new deal, often called a product transfer. It is the quickest route, with little paperwork and no new affordability checks in most cases. The catch is that the first offer your lender makes is not always its best, and it is rarely the best on the market. Treat it as a number to beat, not a number to accept.
Option 3: remortgage to another lender
Moving your mortgage to a different lender can win you a lower rate, but it takes longer and usually involves a fresh application, a valuation, and sometimes fees. Whether it beats staying put comes down to the rate and fees against your balance. A smaller balance often makes a fee-heavy deal worse value than a slightly higher rate with no fee.
Option 4: lock a deal early
This is the option most people do not know they have. Most lenders let you secure a new deal up to six months before your current one ends, while you keep your existing rate until then. Many also let you switch again if rates fall before the new deal starts, so locking early protects you against a rise without trapping you if things improve. The rules and any cost vary by lender, so check yours. The window opens on a specific date, and it is the easiest of the four to miss.
The dates that decide it
Three dates do most of the work: the day your fix ends, the day six months before that when the lock window opens, and the day your early-repayment charge steps down if you are thinking of moving early. They are all knowable in advance. Our guide to the dates that cost you money lays out each one, and how an early repayment charge is calculated covers the step-down in detail.
What to actually do
Find your fix end date, count back six months, and put both somewhere you will see them. Run your balance and rate through the numbers so you know what the SVR would cost you and what a switch would save. Then, if you want a recommendation for your circumstances, take those numbers to a mortgage adviser regulated by the Financial Conduct Authority. The decision is yours; the job here is to make sure no date catches you out.
Already past your end date? The SVR cost calculator puts a number on what each month on the Standard Variable Rate is costing you against a rate you could take instead.
Frequently asked questions
What happens when my fixed-rate mortgage ends?
If you do nothing, your mortgage moves to your lender's standard variable rate (SVR), which is usually a few percentage points higher and can add hundreds of pounds to your monthly payment. You can avoid that by arranging a new deal before the fix ends.
How early can I arrange a new mortgage deal?
Most lenders let you lock a new deal up to six months before your current one ends, while keeping your existing rate until then. Many also let you reselect if a better rate appears before the new deal starts, though the rules vary by lender.
Should I stay with my lender or remortgage elsewhere?
Staying (a product transfer) is usually quicker and needs less paperwork. Remortgaging to another lender can be cheaper but takes longer and may involve fees and checks. The right answer depends on the rates and fees each offers against your balance.
See your dates, free
The free timeline shows your fix end, your lock window, your charge step-downs and what doing nothing costs, all from your own figures. For £7.99 we then watch it and email you on the days that matter.
Examples are illustrative and rounded. Your own mortgage offer and lender confirm your actual figures and dates. This is information, not financial advice. For advice on your circumstances, speak to a mortgage adviser regulated by the FCA.