What Happens When Your Fixed Rate Mortgage Ends?

The moment your deal ends

When your fixed rate period ends, your mortgage automatically moves onto your lender's standard variable rate (SVR). This is almost always significantly higher than the rate you've been paying — and higher than the rates available on the market.

The average SVR in the UK is typically 1–2% higher than the best available fixed rates. On a £200,000 mortgage, that could mean paying £200–£400 more per month than you need to.

This is why acting before your deal ends is so important.

What are your options?

When your fixed rate is coming to an end, you have three main options:

1. Remortgage to a new deal with a different lender

This is often the best option if you want the most competitive rate. You apply to a new lender, who pays off your existing mortgage and takes over. The process typically takes 4–8 weeks.

2. Product transfer with your existing lender

Your current lender will usually offer you a new deal to stay with them. This is quicker and simpler — often no new application or legal work required. But it's not always the best rate available.

3. Do nothing (move to SVR)

This is almost always the most expensive option. The only reason to do this is if you're planning to sell or pay off the mortgage very soon.

When should you start looking?

Most lenders will let you lock in a new rate up to 6 months before your current deal ends. This is the ideal window to start looking — you can secure a rate now without having to pay any early repayment charges.

My recommendation: start reviewing your options 3–6 months before your deal ends. Don't leave it until the last minute.

Product transfer vs full remortgage: which is better?

There's no universal answer — it depends on the rates available and your circumstances.

Product transfer advantages:

• ●Faster and simpler
• ●No legal fees
• ●No new affordability assessment (in most cases)
• ●No valuation required

Full remortgage advantages:

• ●Access to the whole market, not just your current lender's products
• ●Often better rates available
• ●Opportunity to change the mortgage structure (term, repayment type)
• ●Can release equity at the same time

I'll always compare both options for you and give you an honest recommendation based on the numbers.

What if your circumstances have changed?

If your income has changed, you've become self-employed, or your credit history has changed since you took out your original mortgage, remortgaging can be more complex. But it's usually still possible — I specialise in finding solutions for changed circumstances.

var(--inspire-text)]">Your deal ending soon? [Book a free remortgage review and I'll show you exactly what's available.