If your fixed-rate mortgage deal is ending in the next six to twelve months, please don't ignore it. Millions of families across the UK have already had a nasty shock when their monthly payments jumped by hundreds of pounds after rolling onto their lender's standard variable rate (SVR). The good news? A little bit of planning now could genuinely save you thousands of pounds over the next few years. So grab a cuppa, and let's walk through this together.
Why Timing Really Matters
Here's something many people don't realise: you can lock in a new mortgage rate up to six months before your current deal ends — sometimes even longer. That means you don't have to wait until the last minute and panic. If rates drop between now and when your deal finishes, many lenders will let you switch to a better rate before you complete. If they don't drop, you've already secured something solid. Think of it like an insurance policy — it costs you nothing to apply, but it protects you from nasty surprises.
Rolling onto your lender's SVR without doing anything is almost always the most expensive option. SVRs right now are sitting around 7% to 9% for many lenders. If you owe £200,000 on your mortgage, the difference between an SVR and a competitive fixed rate could easily be £200 to £250 per month — that's up to £3,000 a year straight back in your pocket.
Should You Fix Again, or Go Variable?
This is the big question everyone's asking. A two-year fix gives you flexibility — useful if you think rates might fall further and you want to remortgage again soon. A five-year fix gives you certainty and peace of mind, which is priceless if you're on a tight budget and can't afford any surprises. There's no single right answer here — it genuinely depends on your own situation, your budget, and how much uncertainty you can cope with.
Tracker mortgages, which move up and down with the Bank of England base rate, could be worth a look too, particularly if experts are predicting rate cuts ahead. But they come with risk — if rates go up instead of down, so does your payment. Only consider this if you have some financial wiggle room.
Don't Just Stick With Your Current Lender
This is where so many people leave money on the table. Your existing lender will likely write to you with a renewal offer. It might look convenient and easy to just accept it — but it is rarely the best deal available. Shopping around across the whole market could save you a significant amount, and a good mortgage broker can do this legwork for you, often at no direct cost to you because they earn a fee from the lender.
Look at the total cost of the deal over the fixed period, not just the headline interest rate. Factor in any arrangement fees — a deal with a lower rate but a £999 fee might actually cost you more than a slightly higher rate with no fee, depending on the size of your mortgage.
What If You're Worried About Affordability?
If you're genuinely struggling or worried you won't pass affordability checks when remortgaging, don't bury your head in the sand. Since 2023, lenders have had more flexibility to let existing customers switch to a new deal without a full affordability assessment — this is called a product transfer. It won't always be the cheapest option on the market, but it could be a lifeline if your circumstances have changed. And if you're really in difficulty, speak to your lender early — they are required to help, and there are options including temporary payment reductions or term extensions.
Terry's Top Tips
- Start looking six months early. You can secure a rate now and still complete when your deal ends — don't wait until the last minute.
- Always compare the whole market. A mortgage broker can search hundreds of deals for you and often find rates your bank won't tell you about.
- Add up the true cost. Include arrangement fees and any early repayment charges in your sums — the lowest rate isn't always the cheapest deal overall.
- Consider overpaying while you can. Most fixed deals allow you to overpay up to 10% of your balance per year without penalty. Even small overpayments reduce what you owe and cut your future payments.
- Talk to someone if you're struggling. Free debt advice is available from charities like StepChange and Citizens Advice — please use them, there is no shame in asking for help.
At TrueSaver, we want to make sure every UK household gets a fair deal on their mortgage — not just the people who know where to look. Whether you're six months from the end of your fix or just starting to think about it, our team can help you compare your options and find a deal that works for your life. Head over to our mortgage comparison tool today and let us help you keep more of your hard-earned money where it belongs — in your pocket.
