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Your Fixed Rate Is Ending: What to Do Next
Your fixed rate is ending soon. Find out when to start, how to avoid the standard variable rate and whether to switch or stay.
A letter from your lender says your fixed rate ends soon. It is easy to put it to one side. But if you do nothing, your monthly payment could jump.
The good news is you have time to plan. This guide shows when to start, what your choices are and what costs to check. It takes about five minutes to read.
When should you start looking?
Start about six months before your deal ends. Many lenders let you lock in a new rate that far ahead.
If rates fall before your old deal ends, we can often switch you to a lower one. If rates rise, you keep the rate you secured. So an early start gives you a safety net.
You can find your end date on your latest mortgage statement or your lender’s app. If you can’t find it, give us a call and we can help.
What happens if you do nothing?
When a fixed rate ends, most loans move to the lender’s standard variable rate (SVR). The SVR is often much higher than a new fixed deal.
The lender can also change the SVR at any time. That means your payment can go up with little warning.
You are not stuck on the SVR. Most people can move to a new deal. But each month you wait could cost you money.
Stay or switch: product transfer or remortgage?
You have two main choices. You can stay with your lender on a new deal. Or you can move to a new lender with a remortgage.
| Product transfer (stay) | Remortgage (switch) | |
|---|---|---|
| What it is | A new deal with your current lender | A new mortgage with a new lender |
| Credit check | Often none | Yes |
| Affordability check | Often light or none | Full check of income and spending |
| Legal work | None | Needed, often free with the deal |
| Speed | Quick, often a few days | Takes longer, often four to eight weeks |
| Best for | Simple cases where your lender’s rate is good | When another lender offers a better rate, or you want to borrow more |
The right choice depends on the rates on offer and your plans. We compare both for you, so you can see which works out cheaper over the full term of the deal.
Costs to check before you move
A low rate is not the whole story. Look at the total cost of each deal.
- Early repayment charges (ERCs). If you leave before your deal ends, your lender may charge you. Check your end date first.
- Product fees. Some deals with the lowest rates have high fees. A deal with no fee can be cheaper overall.
- Legal and valuation fees. Many remortgage deals include these for free. Some do not.
- Advice fee. We may charge a fee for mortgage advice. We will tell you how much it is and when you pay it before you commit to anything.
We add these up for you. That way you compare the real cost, not just the rate.
Things that can change your options
Life may have changed since you took out your mortgage. Some changes can help you. Others can limit your choice of lender.
- Your home has gone up in value. You may now own a bigger share of it. That can unlock lower rates.
- Your income has changed. A pay rise can help. A drop in income, or a move to self-employment, may mean fewer lenders.
- Your credit record. Missed payments can make a switch harder. A product transfer may still be open to you.
- You want to borrow more. You may be able to raise money for home improvements or other plans. Try our Further Advance Calculator.
- You want to pay it off sooner. Some deals let you overpay without a charge.
Tell us what has changed. We will look for lenders that fit your case.
How we can help
Our team live and work locally, with an office at Pride Park in Derby. We give remortgage advice in Derby and help people across Derbyshire and the rest of the UK.
When your fixed rate is ending, we will:
- Check your current deal, end date and any early repayment charges.
- Compare your lender’s new rates with deals from across the market.
- Show you the total cost of each option in plain terms.
- Handle the forms and keep in touch with the lender for you.
Want a quick first look? Use our Remortgage Rate Checker.
Call us on 01332 300 300 or book an appointment. The sooner we start, the more time we have to find the right deal.
Frequently asked questions
How early can I remortgage before my fixed rate ends?
Most lenders let you secure a new deal up to six months before your current one ends. Some allow less time, so it pays to check early.
Will I pay a charge to leave my fixed rate?
You may pay an early repayment charge if you leave before the deal ends. If you time the switch for your end date, there is often no charge.
What is the standard variable rate?
It is the rate your lender moves you to when your deal ends. It is often higher than a new fixed rate and can change at any time.
Is a product transfer better than a remortgage?
Not always. A product transfer is quick and simple. A remortgage can offer a lower rate or let you borrow more. We compare both for you.
Can I remortgage with bad credit?
It can be harder, but you may still have options. A product transfer often needs no credit check. Some lenders also take a wider view of past credit problems.
Can I borrow more when I remortgage?
Often, yes. Lenders will check your income and spending, and the value of your home. Borrowing more means you owe more and may pay more interest over time.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. We will always be clear about any fees before you commit to anything.
If you add debts to your mortgage, you may pay more interest over time. Think carefully before securing other debts against your home.