Here's a number that should make every homeowner sit up: around 1.6 million households in the UK are expected to come off fixed mortgage deals this year. And if you're one of them, the difference between doing nothing and taking action could be thousands of pounds every single year. This isn't about being clever with money — it's about making sure your family isn't paying far more than you need to on your biggest monthly bill. So grab a cup of tea, and let's walk through this together.
What Actually Happens When Your Fixed Rate Ends?
When your fixed mortgage deal finishes, your lender doesn't just let you carry on at the same rate. Instead, they automatically move you onto something called their Standard Variable Rate — or SVR. This is the lender's own rate, and right now, many SVRs are sitting between 7% and 9%. That's significantly higher than the best fixed deals currently available on the market. For someone with a £200,000 mortgage, rolling onto an SVR without doing anything could cost you an extra £200 to £300 every single month compared to remortgaging onto a competitive deal. That's money that could be staying in your pocket.
When Should You Start Looking? Earlier Than You Think
Here's the bit that catches a lot of people out — you don't have to wait until your deal actually ends before you start shopping around. Most lenders will let you lock in a new rate up to six months in advance. So if your deal ends in October, you should be looking seriously in April or May. The beauty of this is that if rates drop before your deal starts, many lenders will let you switch to the lower rate. But if rates go up, you're already protected. There's very little downside to acting early. Set a reminder in your phone right now for six months before your end date. Future you will be very grateful.
Should You Stay With Your Current Lender or Switch?
This is one of the most common questions I get, and the honest answer is: always compare both. Staying with your current lender is called a product transfer, and it can be quick and easy with minimal paperwork. But it doesn't always give you the best rate. Switching to a new lender — remortgaging — takes a bit more effort, but the savings can be substantial. The key thing is to compare like for like. Look at the interest rate, but also the fees. Some deals have low rates but high arrangement fees of £1,000 or more. A fee-free deal at a slightly higher rate can sometimes work out cheaper overall, especially if you're only fixing for two years.
What If Your Circumstances Have Changed?
Maybe you've changed jobs, had a baby, or your income looks different to when you first took out your mortgage. Don't let this put you off checking your options. A good mortgage broker can look across the whole market and find lenders whose criteria suit your current situation. This is especially useful if you're self-employed, have a less-than-perfect credit history, or if your home's value has changed significantly. You might be surprised at what's available to you.
Terry's Top Tips
- Diarise your end date today. Find your mortgage paperwork or log into your lender's app and note the exact date your fixed deal ends — then set a reminder for six months before.
- Don't automatically accept your lender's renewal offer. They'll likely write to you with a new deal, but it's rarely their best rate. Always compare it against the wider market first.
- Use a fee-free broker. A whole-of-market broker can search thousands of deals and save you the legwork. Many are completely free to use because lenders pay them a fee.
- Factor in all the costs. Look beyond the headline rate. Add up arrangement fees, valuation fees, and any early repayment charges on your current deal before deciding.
- Consider overpaying if you can. Even small overpayments now, while you're still on your current deal, can reduce your balance and potentially unlock a better loan-to-value bracket — meaning lower rates.
Remortgaging might feel daunting, but taking just an hour or two to explore your options could genuinely save your household thousands of pounds a year. At TrueSaver, we make it easy to compare mortgage deals and connect with trusted, fee-free brokers who work for you — not the banks. Head over to our mortgage comparison tool today and see what you could save. Your home is your biggest financial commitment. Make sure you're not paying a penny more than you need to.
