Why This Matters Right Now
If you locked into a fixed mortgage deal two or five years ago, there's a very good chance you're sitting on a rate below 2%. Lovely stuff. But when that deal ends, your lender will quietly move you onto their Standard Variable Rate (SVR) — and that can be anywhere from 7% to 9% right now. On a £200,000 mortgage, that could mean paying £200 to £250 more every single month than you need to. That's real money — money that could go towards your family, your savings, or simply keeping the heating on. The good news? You have options, and acting early can make a massive difference.
When Should You Start Looking?
Here's the bit most people miss: you don't have to wait until your deal actually ends. Most lenders will let you lock in a new rate up to six months before your current deal finishes — and some will go as far as nine months ahead. This is brilliant news, because it means you can shop around for the best deal today, secure it, and if rates drop further before your switch date, you can often change your mind and grab a better one instead. Think of it like reserving a hotel room with free cancellation — you're protecting yourself without being stuck.
So if your fixed deal ends anytime in the next six months, stop reading this, go find your mortgage paperwork, check the end date, and then come back. Seriously — a few minutes of admin could save you thousands.
Should You Stay With Your Current Lender or Switch?
Your current lender will usually write to you as your deal ends and offer you a new rate. It feels easy to just accept it, doesn't it? But easy isn't always best. Lenders save their sharpest rates for new customers, not loyal ones. That's just how the system works, unfortunately.
Here's what to do:
- Get a quote from your current lender — find out what they're offering you as an existing customer.
- Then compare it against the whole market — use a mortgage comparison tool or speak to a whole-of-market broker who can search hundreds of deals for you.
- Factor in the fees — a deal with a lower rate but a £1,500 product fee might not actually be cheaper over two years than a slightly higher rate with no fee. Do the maths on the total cost, not just the headline rate.
Switching lenders sounds scary but it's usually much simpler than getting your original mortgage. There's no estate agent, no chain, no surveys in most cases. A good broker handles most of it for you.
What If You're Worried About Affordability?
Some homeowners are nervous about remortgaging because they're worried they won't pass the new affordability checks — especially if their circumstances have changed. If that's you, don't bury your head in the sand. Talk to your lender or a broker early. There are options like extending your mortgage term (which lowers monthly payments), and some lenders have specific products for people in tricky situations. The worst thing you can do is let your deal expire and end up on that expensive SVR by default while you're figuring things out.
Terry's Top Tips 🐢
- Diarise your end date today. Find your mortgage paperwork and write that date somewhere obvious. Set a phone reminder six months before.
- Start shopping at least three to six months early. You can lock in a rate now and still switch if something better comes along.
- Always compare — never just auto-renew. Your lender's loyalty offer is rarely their best deal. The market almost always has something sharper.
- Think total cost, not just monthly payments. Add up the rate, fees, and term to find the genuinely cheapest deal.
- Talk to a broker if you're unsure. A whole-of-market broker searches deals you can't find on the high street — and many are free to use.
Ready to Take Action?
Your mortgage is almost certainly your biggest monthly outgoing, so even small improvements to your rate can add up to thousands of pounds over the length of a deal. At TrueSaver, we make it simple to compare mortgage options and find a deal that actually works for your situation — no jargon, no pressure, just clear choices laid out plainly. Pop over to TrueSaver's mortgage comparison tool today and see what you could save. Future you will be very glad you did.
