If your fixed-rate mortgage deal is ending in the next six to twelve months, listen up — because doing nothing could cost you thousands of pounds a year. Right now, millions of ordinary UK families are rolling off cheap deals they locked in two or three years ago and landing on their lender's Standard Variable Rate (SVR). That's the expensive rate your lender puts you on automatically when your fix ends, and it's almost always a terrible deal. The good news? With a little planning, you can take back control and keep more money in your pocket.
What Happens When Your Fixed Deal Ends?
When your fixed-rate period finishes, your lender doesn't just wave goodbye — they quietly move you onto their SVR, which can be anywhere from 7% to over 9% right now. If you have a £200,000 mortgage, that jump could add £300 or more to your monthly bill compared to a decent new fixed deal. That's real money that could be paying for your weekly shop, your kids' school trips, or sitting safely in a savings account. The lender won't remind you to shop around — that's not in their interest. But it's absolutely in yours.
Start Looking Early — Six Months Before Is Not Too Soon
Here's the bit most people miss: you can lock in a new mortgage deal up to six months before your current one ends, without paying any early repayment charges. That means if your deal finishes in October, you should be comparing rates right now. Mortgage rates change constantly, and if you see a good deal today, many lenders will let you reserve it while you wait for your current term to end. Think of it like booking a holiday early to get the best price — same idea, much bigger savings. If rates happen to drop before completion, a good broker will often renegotiate for you too.
Should You Stay With Your Current Lender or Switch?
Your existing lender will likely write to you before your deal ends with a "retention offer" — a new rate to keep your business. It might feel easy and safe to just accept it, and sometimes it genuinely is competitive. But you owe it to yourself to check what else is out there. Switching lenders sounds scary, but the process is much simpler than getting your first mortgage — especially if your circumstances haven't changed much. A whole-of-market mortgage broker can search hundreds of deals for you, often for free (they get paid by the lender), and they might find something that saves you £100, £200, or even £250 a month. Over a two-year fix, that adds up to £3,000 or more.
What If You're Worried About Affording a Higher Rate?
We know times are tough. If you're genuinely worried about keeping up with a higher mortgage payment, please don't bury your head in the sand — that's when things get harder. Contact your lender early. Under rules from the Financial Conduct Authority, lenders must offer support to anyone struggling. Options can include switching to interest-only payments temporarily, extending your mortgage term to bring monthly costs down, or taking a short payment holiday. None of these are perfect long-term solutions, but they can give you breathing room while you get back on your feet. There's no shame in asking — lenders deal with this every single day.
Terry's Top Tips 🐢
- Diarise your end date: Find your mortgage paperwork right now and note exactly when your fix ends. Pop it in your phone calendar with a reminder six months before.
- Don't just accept the retention offer: Your current lender's offer is a starting point, not the final word. Always compare it against the wider market.
- Use a whole-of-market broker: They can access deals you won't find on the high street or even direct from lenders — and it's usually free to you.
- Check your credit file now: A healthier credit score means access to better rates. Check yours for free and correct any errors before you apply.
- Overpay if you can: Even small overpayments now can reduce your loan balance and potentially unlock better loan-to-value rates when you remortgage.
The mortgage market can feel overwhelming, but you don't have to figure it out alone. At TrueSaver, we make it simple to compare remortgage deals and connect you with expert, whole-of-market brokers who will work in your corner — not the bank's. Whether your deal ends in three months or six, now is the right time to start. Head over to TrueSaver's mortgage comparison tool today and let's make sure you're not paying a single pound more than you should be. Your future self will thank you.
