Right now, hundreds of thousands of UK families are about to get a very unwelcome letter through the door. It'll tell them their fixed-rate mortgage is ending — and that their monthly payments are about to jump, sometimes by hundreds of pounds. If that sounds like you, please don't panic and don't ignore it. The good news is that acting early could genuinely save you thousands of pounds. Let me walk you through exactly what to do.
Why This Matters So Much Right Now
Back in 2020 and 2021, loads of people locked into brilliant fixed mortgage deals at rates as low as 1% or 2%. Those deals are now expiring — and the current market looks very different. Average fixed rates today are sitting between 4% and 5%, which means if you do nothing and simply drift onto your lender's Standard Variable Rate (SVR), you could be paying significantly more every single month without even realising it.
To put that in real money terms: on a £200,000 mortgage, moving from a 1.5% fixed rate to a 5% SVR could add around £250 to £300 to your monthly bill. That's £3,000 or more every year. This isn't small change — for most families, that's a holiday, a car service, Christmas, and then some. So let's talk about what you can actually do about it.
Start Looking Six Months Before Your Deal Ends
Here's the thing most people don't know: you can lock in a new mortgage rate up to six months before your current deal finishes. That means you don't have to wait until the very end. You can shop around now, secure an offer, and if rates drop further before your deal ends, many lenders will let you switch to a better rate or you can simply reassess.
Starting early gives you breathing room. You're not rushing, you're not panicking, and you're not making a big financial decision under pressure. Think of it like renewing your car insurance — the people who leave it to the last minute often end up paying more.
Should You Stay With Your Current Lender or Switch?
This is the big question, and the honest answer is: it depends entirely on your situation. Staying with your current lender (called a product transfer) is quick and easy — often just a few clicks online — and there's usually no need for another affordability check. That can be a big plus if your circumstances have changed.
But switching lenders (called remortgaging) might get you a much better rate and could save you a significant amount over a two or five year deal. The catch is that it takes a bit more effort and you'll likely need a conveyancer, though many lenders cover that cost for you.
The only way to know which is best for your specific situation is to compare both options side by side. A whole-of-market mortgage broker can do this for you — often for free — because they get paid by the lender, not by you.
Fixed Rate or Tracker — Which Should You Choose?
A fixed rate gives you certainty. Your monthly payment stays exactly the same for two, three, or five years, regardless of what happens to interest rates. For most families budgeting month to month, that peace of mind is priceless.
A tracker mortgage moves up and down with the Bank of England base rate. If rates fall — and many experts think they will over the next couple of years — you'd benefit automatically. But if rates rise, so does your bill. It's a gamble, and only you know if that suits your life.
Terry's Top Tips
- Diarise your end date now. Check your mortgage paperwork or call your lender to find out exactly when your fixed deal ends — then set a reminder six months before.
- Never just roll onto the SVR. Your lender's Standard Variable Rate is almost always one of the most expensive options out there. Always actively choose a new deal.
- Get a whole-of-market broker. They can search hundreds of deals and often find options you'd never find on your own — and most won't charge you a penny upfront.
- Check your credit file before you apply. Errors on your credit report can affect the rates you're offered. Check it for free at services like Experian or Equifax.
- Think carefully about the term. Extending your mortgage term lowers monthly payments but costs more in interest overall. Make sure you understand the long-term trade-off.
Your mortgage is almost certainly your biggest monthly outgoing, and a little bit of effort now can genuinely make a massive difference to your finances for years to come. At TrueSaver, we're here to help you compare your options quickly and clearly — no jargon, no pressure, just straightforward help to find a deal that works for you. Head over to our mortgage comparison tool today and see how much you could save before your deal ends. Go on — future you will be very glad you did.
