Right now, hundreds of thousands of UK families are facing a financial shock they didn't see coming. Your fixed mortgage deal ends, and suddenly you're moved onto your lender's Standard Variable Rate (SVR) — which can be 2% to 3% higher than what you were paying before. On a typical £200,000 mortgage, that could mean paying an extra £200 to £300 more every single month. That's up to £3,600 a year disappearing from your household budget. The good news? With a bit of planning, you don't have to accept that. Let me walk you through exactly what to do.
What Actually Happens When Your Fixed Rate Ends?
When your fixed deal finishes, your lender doesn't just leave you where you are. They move you automatically onto their SVR — and SVRs are almost always terrible value. Think of it like a gym membership that rolls over to full price once your introductory offer runs out. Most lenders set their SVR at around 7% to 8% at the moment, whereas you can often find new fixed deals starting from around 4% to 5%. That gap is costing ordinary families real money every month, and most people don't even realise it's happening until it's already too late.
When Should You Start Looking? (Sooner Than You Think!)
Here's the bit that surprises most people — you can usually lock in a new mortgage rate up to six months before your current deal ends. That means if your fix expires in October, you should be shopping around in April. Why does this matter? Because mortgage rates can change week to week. By securing a rate early, you protect yourself if rates go up, and most lenders will let you switch to a lower rate if they drop before your deal starts — so you really can't lose by acting early. Don't wait until the final month and panic. Start the conversation now.
Should You Stay With Your Current Lender or Switch?
This is the big question, and the honest answer is: always compare both options. Your current lender might offer you a product transfer — a new deal without the full remortgage process. These can be quick and straightforward, with no legal fees or property valuation needed. But they're not always the cheapest option. Switching to a new lender — called remortgaging — can sometimes save you significantly more, though it does involve a bit more paperwork and some fees. The key is to compare the total cost over the full deal period, not just the headline interest rate. A slightly higher rate with no fees can sometimes beat a lower rate with hefty arrangement costs. Always do the maths on the whole picture.
Fixed, Tracker, or Variable — What's Right for You?
Most people feel safest with a fixed rate right now because it gives you certainty — you know exactly what you're paying each month, no surprises. A two-year fix gives you flexibility sooner, while a five-year fix means you won't have to go through this process again for a good while. Tracker mortgages follow the Bank of England base rate, which could be good news if rates fall — but it also means your payments could go up if rates rise again. For most families trying to budget carefully, a fixed rate is the sensible, stress-free choice.
Terry's Top Tips
- Diarise your end date now. Find your mortgage paperwork, note when your fix ends, and set a reminder for six months before that date to start shopping around.
- Check your credit score before applying. A better credit score means access to better rates. Use a free checker and sort any errors before you apply.
- Don't just go to your bank. Your current lender only offers their own deals. A whole-of-market comparison gives you access to hundreds of options — and could save you thousands.
- Watch out for early repayment charges (ERCs). If you switch before your current deal ends, you could face a penalty fee. Always check this first — it might still be worth switching, but factor it into your sums.
- Think about overpaying if you can. If your deal allows it, overpaying even a small amount each month reduces your balance and could mean better rates when you next remortgage.
Nobody should be paying over the odds on their mortgage when better deals are out there. At TrueSaver, we make it simple to compare mortgage options from across the market — no jargon, no pressure, just clear information to help you make the right call for your family. Whether your deal ends in three months or six, now is the time to take action. Head over to TrueSaver's mortgage comparison tool today and see how much you could save — it only takes a few minutes and could put thousands of pounds back where they belong: with you.
