Fixed Rate Ending? Here’s What You Really Need to Do

Is your fixed rate mortgage ending soon? Learn what to do next, when to act, and how to make your next deal work for you, not against you.

You know that letter from your lender — the one you’ve been avoiding? Because deep down, you already know what it means. Your fixed rate’s ending, and your next payment might not be so kind.

That moment — the letter, the email, or the quiet realisation — is the same for thousands of homeowners across the UK each month. It’s that mix of ‘I should deal with this’ and ‘I really don’t want to look right now.’ Totally normal. But that message from your lender isn’t a warning — it’s your head start.

Why It Matters

When your fixed rate ends, your lender automatically moves you onto their Standard Variable Rate (SVR). It’s usually higher — which means your monthly repayment goes up too. And that’s the bit most people feel first, not in their inbox, but in their bank balance.

It’s the double hit — the admin you don’t have time for, and the dent in your bank balance when that new payment lands.

What You Can Do Now

Here’s the good news: you don’t need to wait for your deal to end to take action. In fact, most lenders allow you to secure your next rate up to six months before your current one finishes. That gives you space to explore your options — and avoid being pushed onto a rate that doesn’t suit you.

Working with a mortgage broker means you can compare what your current lender is offering with what’s available across the market. Sometimes, the best deal is with your existing bank. Other times, switching lenders could save you hundreds a month.

What Happens If You Do Nothing

If you let your deal expire without arranging a new one, your lender will move you onto their SVR automatically. It’s flexible, but often much higher than fixed or tracker deals available elsewhere.

That can easily mean paying hundreds more each month for the same mortgage. And if rates rise again before you act, that extra cost only grows.

Timing Is Everything

The sweet spot to start reviewing your mortgage is about six months before your fixed term ends. That gives you time to compare, apply, and get approved without pressure.

If rates improve before your new deal completes, your broker can often switch you to the better rate. That means you’re protected both ways — early enough to plan, flexible enough to benefit.

Your Next Step

If your fixed rate is ending soon, take a moment now to review your options. You don’t need to have all the answers — that’s what advice is for. A quick review now can save you stress (and money) later.

Think of it as one less unknown in your financial world. The earlier you look, the more control you keep.

Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage

• How far in advance can I remortgage?

  You can typically start the remortgage process up to six months before your current deal ends. This allows plenty of time to secure a new rate and switch smoothly.

• Will I have to pay fees to leave my deal early?

  If you switch before your fixed term ends, you may have an early repayment charge. However, if you secure your new deal to start when your current one finishes, you avoid these fees.

• What if rates go down after I apply?

  Many lenders allow you to switch to a lower rate before completion. Your broker will monitor this for you and help you lock in the best available option.

• Should I stay with my current lender or switch?

  It depends on your circumstances. Sometimes your existing lender’s retention deal is best. Other times, switching to a new lender can save money. A broker can compare both.

• What if I’ve had credit issues since my last mortgage?

  Don’t panic, lenders look at your overall situation, not just one factor. A broker can help find options suited to your current position.