What to do when your fixed rate is ending

When you took out your mortgage, you probably locked into a fixed rate, typically for two, five, or even ten years. At the time of the fixed rate ending, if you did nothing, your lender will usually move your mortgage onto a standard variable rate (SVR). This is often at a much higher rate than before, leading to an increase in your mortgage payments. This could be hundreds of pounds more per month depending on your mortgage size.

But here’s the good news:

• You don’t have to wait until the fixed rate ends.
• You don’t have to accept your mortgage reverting to the SVR.
• And you definitely don’t have to stay with the same lender.

1. Why this matters

Over the next 6–12 months, millions of people across the UK will see their fixed rates expire. This is especially true for mortgages taken out in years gone, when rates were typically lower. With interest rates changing so quickly, the difference between “renewing early” and “waiting too long” could cost you thousands over the next few years.

And yet, many people have no idea that they can even review their mortgage before the fixed term ends

2. Let’s break it down

Here are four options you have:

1. Let the deal end, and go onto SVR. This is what happens automatically and in most cases can be the most expensive option.
2. Renegotiate a new product with your current lender, also known as a product transfer. You might get a decent rate, however most clients don’t realise that this often skips proper advice or comparison with potentially cheaper deals you might get from a new lender.
3. Remortgage to a new lender. With the right broker, this can open up much better rates or flexible terms.
4. Start the process early, for instance up to 6 months ahead. Yes, you can usually secure a new deal in advance: if rates go up later, you’ve protected yourself; if rates go down, you can often switch again.

3. When you should take action.

As early as possible. Ideally 4 to 6 months before your fixed rate ends. This gives you time to:

• Compare real options across the market.
• Ask questions, understand your monthly costs.
• Lock in a rate before it rises again.
• Avoid last-minute panic (and bad deals).

4. How Smart City Mortgages helps.

Every week, we support clients in this exact situation. Whether your deal ends next month or in six months, we’ll walk you through the process:

• We can check and arrange a product transfer with your current lender – if suitable. 
• We compare the whole market (over 90+ lenders).
• We show you the real difference between staying or switching.
• And we help you lock in the deal early, before rates change again.

A short call today could save you hundreds per month and set you up for the next few years with confidence. Book a free consultation with our adviser, and we’ll show what options you have right now.