Right now, there are millions of UK families who are about to get a very nasty shock in the post. If your fixed-rate mortgage deal is ending in the next six to twelve months, your monthly payments could be about to jump by hundreds of pounds. We're talking the difference between a manageable month and a really stressful one. But here's the good news — if you act now, you can protect yourself, lock in a better deal, and potentially save thousands of pounds over the next few years. Let me walk you through exactly what to do.
Why Your Mortgage Bill Could Be About to Skyrocket
Back in 2020 and 2021, loads of homeowners locked in fixed mortgage deals at rates of around 1% to 2%. Those deals were brilliant at the time. But interest rates have risen significantly since then, and the deals available today are typically sitting between 4% and 5.5%. That means when your fixed deal ends and you drift onto your lender's Standard Variable Rate — which can be even higher — your monthly payment can jump by £200, £300, or even £500 a month. On a £200,000 mortgage, rolling onto an SVR could cost you an extra £3,000 or more per year compared to remortgaging onto a competitive new deal. The key is not to do nothing.
Start Looking Six Months Before Your Deal Ends
Most people think they have to wait until their current deal finishes before they can sort out a new one. Not true! Most lenders will let you secure a new mortgage rate up to six months before your current deal ends — and some will even go up to nine months ahead. This is really important because mortgage offers typically last between three and six months. That means you can lock in today's rate now, but not actually switch until your current deal finishes, so you avoid any early repayment charges. Think of it like booking a hotel room in advance — you get the price sorted, and you can relax knowing it's done.
Should You Stay With Your Current Lender or Switch?
Your current lender will usually write to you about a month or two before your deal ends with a new offer. It might look convenient, but convenience can be expensive. Their offer is rarely the best rate on the market. Shopping around and using a whole-of-market mortgage broker — or a comparison service like TrueSaver — gives you access to hundreds of deals from across the market, not just one lender's options. Even a difference of 0.3% on your interest rate might sound tiny, but on a £200,000 mortgage over a two-year fix, that's roughly £1,200 back in your pocket. It genuinely pays to compare.
Fixed or Tracker? What Makes Sense Right Now
Once you start comparing deals, you'll face a choice: fix your rate for two years, five years, or maybe go for a tracker mortgage that moves with the Bank of England base rate. Fixed rates give you certainty — you know exactly what you're paying each month, which makes budgeting much easier. Trackers can be cheaper upfront but carry the risk of going up if base rates rise. For most families who need to budget carefully, a two or five year fix tends to give the best peace of mind. Five-year fixes often come with slightly lower rates right now, so they're worth a look if you're planning to stay in your home.
Terry's Top Tips 🐢
- Diarise your end date: Find your mortgage paperwork and note exactly when your fixed deal ends. Set a reminder six months before to start looking.
- Never roll onto the SVR: Your lender's Standard Variable Rate is almost always the most expensive option. Even if you're in a rush, a quick remortgage nearly always saves money.
- Use a whole-of-market comparison: Don't just go back to your current lender. Compare the full market to find the best deal for your situation.
- Check your credit score now: Lenders use your credit history to decide what rates to offer you. The better your score, the better your deal. Check yours for free and fix any errors before you apply.
- Think about overpaying: If your deal allows it, overpaying even a small amount now reduces the balance you'll need to remortgage — and that can unlock better rates too.
The mortgage market can feel overwhelming, but you don't have to navigate it alone. At TrueSaver, we make it simple to compare mortgage deals from across the whole market in minutes — no jargon, no pressure, just clear information so you can make the right choice for your family. Whether your deal ends in two 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. Your future self will thank you for it. 🐢
