Your fixed rate mortgage is ending, what happens next?

When your fixed rate deal ends, you’ll automatically move onto your lender’s standard variable rate (SVR), which is usually more expensive and can change at any time.

You typically have three options when your deal is ending: stay on the SVR, remortgage with your current lender, or remortgage with a new lender.

Staying on the SVR is simple and fee-free, but usually means higher and less predictable monthly payments.

Remortgaging with your current lender (product transfer) is quick, easy and low-cost, but you may not get the most competitive rate or the widest range of mortgage products.

Remortgaging with a new lender opens up access to more deals and potentially lower rates, but involves more checks, higher fees and a longer process.

It’s best to start reviewing your options around 3–6 months before your deal ends, especially if you want time to compare lenders, complete checks and lock in a new rate.

What happens when a fixed rate ends

What to do when your deal is ending

Your remortgage options explained

Frequently asked questions

Move onto a standard variable rate mortgage

Remortgage with your current provider

Remortgage with a new mortgage lender

They can often have no early repayment charges – this can be good for those who are moving house in the near future, or who are wanting to make overpayments.

No fees to pay – as you automatically move to this mortgage type, there are no administrative fees to pay, unlike when you remortgage.

They are usually more expensive.

They’re more volatile and the interest rate can change at any time – it’s not only affected by changes to the Bank of England’s base rate but it can also be changed simply down to your lender's discretion.

Not good for budgeting – as your payments could likely change each month.

Less admin work – your lender already has information from when you originally applied for the mortgage, therefore you wouldn’t need to provide documents such as ID, proof of address and proof of income again.

They wouldn’t need to complete a property valuation – as this would have been done through your original mortgage offer.

Incur fewer costs – less likely to need a conveyancer to help you through the remortgage.

Takes less time – usually only takes around six weeks to switch to a new deal with the same provider.

Easy to do – switching deals is usually easy and can sometimes be done through a banking app.

Could be more expensive in the long term – different lenders might provide better deals or offer better terms.

Fewer product types to choose from – your existing lender may only offer a small selection of fixed or tracker products, reducing your ability to tailor the mortgage to your needs.

Less flexibility – other lenders may offer better features such as payment holidays, higher overpayment allowances, or more flexible mortgage terms.

Get the best deal available to you at the time – shopping around opens up more offers and deals.

Ability to change your mortgage term – when switching, you may be able to increase or decrease the mortgage length to lower monthly payments or repay faster.

Incentives and introductory offers – new lenders sometimes provide cashback, free valuations, or reduced arrangement fees to attract new customers.

Takes longer to process – as there are more checks to complete, remortgaging with a new lender is likely to take around four months to complete.

Costs more – you’ll have additional legal costs to pay as you’ll need to instruct a conveyancer to help you through the remortgaging process.

More admin work – your new lender will complete an affordability check, meaning you will have to supply documents such as proof of ID, proof of address and proof of income.

You will need a property valuation – your lender will get someone to value your property to ensure that it is worth the amount it is being mortgaged for.