Your fixed mortgage deal is ending: what to do next
When a fixed mortgage deal ends, the loan normally moves onto the lender’s standard variable rate unless you have arranged a new product. The SVR can be materially higher than the expiring fixed rate, so start comparing options several months before the end date rather than waiting for the first higher payment.
Your main routes are usually a product transfer with the existing lender, a remortgage to another lender, or allowing the mortgage to move to SVR temporarily. Compare the new rate, product fees, legal or valuation costs, early repayment charges and total cost over the period you expect to keep the new deal.
Find the exact fixed-rate end date and follow-on rate
Your mortgage offer or latest statement should show when the fixed period ends and what happens afterwards. Many borrowers move automatically to the lender’s SVR. MoneyHelper notes that fixed deals often run for two to ten years and recommends starting the next-deal process before expiry.
Do not work from memory. If the fix ends on 31 January, find out whether the first SVR payment is due in February or later under the lender’s calculation cycle. Knowing the exact date lets you align a new product without paying an early repayment charge unnecessarily or spending months on SVR by accident.
Find the fixed-rate end date, outstanding balance and the rate that applies afterwards. Put them in a calendar several months ahead so you have time to compare options. A deal ending on 30 November should not first become a problem when the December payment has already moved to a much higher follow-on rate.
Worked checkpoint: put the decision on one line before acting. For the end of a fixed mortgage deal, use an example amount such as £2,169 and write down the date the money is needed, every visible fee or charge, and the alternative if the preferred route fails. Then compare the final pounds paid or received rather than one headline rate. This makes it easier to notice when a small percentage, an early-repayment charge, a notice period or a conversion choice changes the real outcome. Keep the calculation with the account message or quote so you can revisit the decision later.
Stress-test the payment before choosing a new deal
Suppose your current payment is £1,050 at a low fixed rate and the new options are around £1,350. Treat the £300 difference as a real household budget change, not just a mortgage-market statistic. Test whether the higher payment still works after council tax, childcare, energy and other fixed costs.
If the increase is uncomfortable, speak to the lender early. Waiting until the first payment is missed removes options. You may be able to discuss term changes, a different product or other support depending on circumstances, although each choice can affect total interest and future flexibility.
A product transfer means moving to another deal with the same lender. It can involve less administration and, in some cases, no new full affordability assessment where borrowing is not increased. That can be valuable, particularly if your circumstances have changed.
But compare it with the wider market. If the existing lender offers 4.9% with no fee and another lender offers 4.5% with a £1,500 fee, the lower rate is not automatically better. Calculate the interest and fees over the period you expect to keep the deal and consider any legal or valuation costs.
Stress-test the monthly payment before choosing the next deal. Ask for illustrations at more than one rate and consider what happens if the next fix ends when income or household costs are different. The aim is to understand payment resilience, not simply to chase the lowest rate visible today.
Compare a product transfer with a full remortgage
A remortgage to a new lender involves a new application, affordability assessment and property valuation, and can bring arrangement, legal, valuation or exit costs. MoneyHelper says changing mortgage can cost £1,000 or more depending on the deal and fees involved.
Start early enough to provide documents and resolve valuation or credit questions. A borrower who begins one week before expiry has very little room if the new lender asks for another payslip or values the property lower than expected.
If you switch before the fixed deal actually ends, an early repayment charge may apply. MoneyHelper notes that ERCs are often calculated as a percentage of the outstanding balance, with amounts commonly in the 1% to 5% range depending on the product and point in the deal.
On a £220,000 balance, even a 1% charge is £2,200. A slightly lower rate elsewhere may not recover that cost quickly. Ask the lender for the exact ERC on the intended completion date rather than estimating from an old leaflet.
Compare a product transfer with remortgaging on the same basis: rate, product fee, valuation or legal cost, incentives, affordability checks and flexibility. A product transfer may be simpler, but simplicity has a value that should be compared with the pounds saved by moving elsewhere.
Worked checkpoint: put the decision on one line before acting. For the end of a fixed mortgage deal, use an example amount such as £2,711 and write down the date the money is needed, every visible fee or charge, and the alternative if the preferred route fails. Then compare the final pounds paid or received rather than one headline rate. This makes it easier to notice when a small percentage, an early-repayment charge, a notice period or a conversion choice changes the real outcome. Keep the calculation with the account message or quote so you can revisit the decision later.
Align the next mortgage deal with likely life changes
If you expect to move house within a year, a five-year fix with a large ERC may not provide the flexibility you need even if the rate is attractive. If income is stable and certainty is the priority, a longer fix may feel more valuable. If you plan significant overpayments, check the allowance and penalties.
The end of a fixed deal is a refinancing decision, not simply a rate hunt. Compare the full package: payment, fees, flexibility, moving plans and the risk of future rate changes.
What happens if I do nothing when my fixed mortgage ends?
You will normally move to the lender’s standard variable rate under the mortgage terms, which can be higher than the expiring fixed rate.
How early should I start looking?
MoneyHelper suggests starting several months before the deal ends; three to six months is a useful planning window for many borrowers.
Is a product transfer always cheaper than remortgaging?
No. It can be simpler, but compare the rate, fees and total cost with suitable deals from other lenders.
Check the early repayment charge window before acting. If the old fix is close to ending, an application can sometimes be prepared in advance while completion waits for the charge to fall away, subject to lender rules. Build the choice around your expected move, overpayment and borrowing plans, not only the next headline rate.
Sources and verification
- MoneyHelper - Understanding mortgages and interest rates
- MoneyHelper - If you are worried about rising mortgages
Isabelle Reed - Personal Finance Writer
I treat the end of a fixed mortgage as a six-month project, not a date in the diary. The borrower has three broad possibilities: accept a new deal from the same lender, remortgage elsewhere, or drift onto the SVR. The third option is often the easiest administratively and the most expensive financially, which is why inertia matters so much here. I compare products using the total cost over the period I realistically expect to keep them, including arrangement fees and any incentives, not just the rate printed in large type. I also look at life plans. A five-year fix with a low rate can be poor value for someone likely to move or repay a large amount if the early repayment charge is restrictive. Starting early creates optionality: you can gather documents, understand your new loan-to-value, and see whether the lender lets you switch a reserved product before completion. Mortgage decisions are large enough that avoiding one unnecessary month on a high SVR can be worth more than hours spent comparing tiny differences between current accounts. I always convert the product fee into part of the rate decision. On a small remaining mortgage, a four-figure fee can overwhelm a tiny interest-rate saving; on a large balance, the same fee may be comparatively minor. Total pounds over the period are the useful comparison.
MyBankAnswers uses official provider and UK regulatory sources wherever practical. Information is general and does not constitute financial advice.