Fixed Rate Ending
What Happens When Your Fixed Rate Ends?
When your fixed deal ends, your lender usually moves you onto its standard variable rate, which is often much higher. Here is what to do, when to start, and how to choose between staying and switching.
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Why It Matters
Doing Nothing Can Cost You
Your standard variable rate can be a lot higher than your fixed rate. Planning ahead can save you hundreds a month.
- ✓Standard variable rate: what most lenders move you onto when a deal ends
- ✓Early start: many lenders let you secure a new deal months in advance
- ✓Two routes: stay with your lender or move to a new one
- ✓Fresh look: a good time to review your term, payments and protection
How We Help
What to Do Before Your Deal Ends
Five steps to get it right.
Check Your End Date
Find it on your mortgage statement or online account.
Start Around Six Months Before
Many lenders let you lock in a new rate early.
Compare Both Routes
Staying with your lender versus remortgaging elsewhere.
Look at the Full Cost
Rate, fees and any changes to your term all matter.
Lock It In
Secure the best deal, then keep an eye on rates in case a better one comes up.
Your Options
Stay or Switch?
Both can work. It depends on your situation.
Product Transfer
Stay with your lender on a new deal. Often quick and simple, with fewer checks.
Check My Options →Review Your Cover
Check your life insurance and income protection still match your mortgage.
Talk It Through →Common Questions
Fixed Rate Questions, Answered
The things homeowners ask us most.
What happens when my fixed rate mortgage ends?
Most lenders move you onto their standard variable rate, which is usually higher.
How early can I remortgage before my fixed rate ends?
Many lenders let you secure a new deal up to around six months before.
Should I stay with my lender or switch?
It depends on the rates, fees and your circumstances. We will compare both for you.
Will I pay a charge for leaving early?
If you leave before your deal ends, early repayment charges may apply. Waiting until it ends usually avoids them.
Do I need a new credit check?
A product transfer often needs fewer checks. A remortgage to a new lender usually needs a full application.
Can I borrow more when I remortgage?
Often, yes, if you can afford it and have enough equity.
Related guides
- Porting your mortgage
- Should I overpay my mortgage?
- Remortgaging for home improvements
- Debt consolidation remortgage
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Is Your Deal Ending Soon?
Fill in the form and we will be in touch within one working day. Tell us when your deal ends and we will compare staying and switching for you.