When your fixed-rate mortgage ends, it’s easy to assume everything carries on as normal — but it doesn’t.
Once your deal expires, your lender automatically moves you to a Standard Variable Rate (SVR), which is usually much higher and can make monthly payments jump overnight.
The good news? You don’t have to stay on it. Here’s what really happens when your fixed rate ends, the options available to you, and how Mortgage Knight can help you find the best next deal.
What Happens at the End of a Fixed-Rate Period
Most fixed-rate mortgages last 2, 3, or 5 years.
When that term ends, your lender switches you to its Standard Variable Rate, which:
- Is usually 1.5–3% higher than your fixed deal.
- Can change at any time depending on the Bank of England base rate.
- Isn’t linked to your previous rate or protection against rate rises.
That means your monthly repayments can increase suddenly — sometimes by hundreds of pounds.
Your Main Options When the Deal Ends
Option 1: Remortgage to a New Lender
This is often the best way to access the lowest rates.
Remortgaging lets you:
- Shop around for better interest rates.
- Change the term or type of your mortgage.
- Potentially release equity if your property has risen in value.
At Mortgage Knight, we compare over 90 lenders, ensuring you don’t miss out on the most competitive options.
Option 2: Product Transfer with Your Current Lender
If you’re happy with your lender and want a simpler switch, you can do a product transfer — a new deal without reapplying for a mortgage.
Benefits include:
- No legal or valuation fees.
- Faster approval (no new affordability checks in most cases).
- Keeps the same lender and account.
However, it’s still worth checking the open market first — sometimes another lender offers better terms even after fees.
Option 3: Stay on the SVR (Not Recommended)
You can stay on the SVR if flexibility is important — for example, if you plan to sell soon.
But because rates can fluctuate at any time, this is rarely a cost-effective choice for long-term homeowners.
When to Start Looking for a New Deal
Most lenders allow you to secure a new rate up to 6 months before your current deal ends.
This gives you time to:
- Lock in a new rate early.
- Avoid the SVR entirely.
- Reassess your loan amount and repayment goals.
If rates drop before your new mortgage completes, many lenders let you switch to the lower rate — so acting early carries very little risk.
How to Get the Best Outcome
Review your mortgage statement to find your end date.
Compare rates at least 4–6 months in advance.
Don’t wait for your lender’s renewal letter — it’s rarely the cheapest option.
Speak to a broker who can compare deals across multiple lenders.
Mortgage Knight’s advisers will handle the entire process — from rate comparison to application and completion — saving you time, stress, and money.
Case Studies
Case Study 1: Louise – 5-Year Fix Ending in March
Louise’s 2.29% deal was ending, and her lender’s SVR was 6.8%. We secured a 5-year fix at 4.19% through Halifax, saving her £320 a month and avoiding the jump.
Case Study 2: Raj – Remortgaging to Release Equity
Raj’s home value had risen by £40,000. Mortgage Knight helped him remortgage with Santander to access £25,000 for home improvements while keeping payments manageable.
Case Study 3: Emily – Product Transfer for Convenience
Emily wanted a simple renewal. We arranged a product transfer with Nationwide, switching her to a new 3-year fix with no fees or valuation required.
Frequently Asked Questions
Q1. When should I start looking for a new mortgage deal?
Ans:Start 4–6 months before your current deal ends to avoid slipping onto the SVR.
Q2. Will I have to pay fees to remortgage?
Ans:Some deals include arrangement or valuation fees, but brokers can often find fee-free products to offset costs.
Q3. Can I switch lenders before my deal ends?
Ans:Yes, but check for early repayment charges. If they apply, it may be worth waiting until they expire.
Q4. What happens if I do nothing?
Ans:You’ll move automatically onto your lender’s SVR, usually resulting in higher monthly payments.
Q5. Can I remortgage if my income or circumstances have changed?
Ans:
Yes — even with changes, a broker can help you find lenders that assess your affordability flexibly.
Professional Remortgage Guidance
If you’re a contractor looking for professional mortgage guidance, we’re here to help. Our specialist knowledge and lender relationships enable us to provide expert advice tailored to your situation.
Is your fixed-rate deal ending soon? Don’t wait for your payments to rise.
Mortgage Knight can help you find a better rate before you switch to your lender’s SVR — saving you time and money.
Review Your Mortgage Deal Today
