If your fixed mortgage deal is ending in the next few months, please don't ignore it. I know, I know — mortgages feel complicated and a bit scary. But here's the truth: doing nothing could cost you hundreds of pounds every single month. Right now, hundreds of thousands of UK families are being moved onto their lender's Standard Variable Rate (SVR) — and that's almost always one of the most expensive rates going. The good news? A little action now can make a really big difference to your finances.
What Happens When Your Fixed Deal Ends?
When your fixed-rate period finishes, your lender doesn't just keep you on the same deal — they automatically move you onto their SVR. Think of it as the mortgage equivalent of a mobile phone contract rolling over at full price. SVRs currently sit anywhere between 7% and 9% for many lenders. If you have a £200,000 mortgage, moving from a 2% fixed rate to a 8% SVR could mean your monthly payments jump by £600 or more. That's over £7,000 a year extra leaving your pocket. The banks aren't going to call you up and warn you. That's why you need to get ahead of this yourself.
When Should You Start Shopping Around?
Here's something most people don't realise: you can lock in a new mortgage rate up to six months before your current deal ends. So if your fixed rate finishes in October, you could be securing a new deal right now in April — and it won't cost you a penny in early repayment charges because you're simply reserving a rate for the future. Mortgage offers are typically valid for three to six months, so you have a window to act without any pressure. The moment your deal ends, the clock is ticking and the SVR kicks in — so earlier really is better.
Should You Stay With Your Current Lender or Switch?
This is the big question, and the honest answer is: always compare before you decide. Your current lender will likely write to you with a retention offer — a new deal they're happy to put you on without any new affordability checks. That sounds easy, and sometimes it genuinely is a decent option. But very often, you can find a better rate by switching to a different lender. Yes, switching involves a bit more paperwork, and there may be small fees involved — but even saving 0.5% on a £200,000 mortgage saves you around £1,000 a year. Over a two-year fix, that's £2,000 back in your pocket. Always get a proper comparison done before saying yes to the first offer you're given.
Fixed Rate or Tracker — Which Is Right for You?
Right now, you'll mainly be choosing between a fixed-rate deal (where your payments stay the same for a set period) or a tracker mortgage (which moves up and down in line with the Bank of England base rate). Fixed rates give you certainty — brilliant if you're on a tight budget and need to know exactly what's going out each month. Trackers can sometimes offer a lower starting rate, but carry the risk of rising if the base rate goes up. For most ordinary families, a fixed rate gives real peace of mind. If you're not sure which suits your situation, speaking to a whole-of-market mortgage broker is genuinely worth doing — and many offer free initial advice.
Terry's Top Tips 🐢
- Check your end date today. Dig out your mortgage paperwork or log into your lender's app and find out exactly when your fixed deal ends. Mark it in your calendar.
- Start comparing at least four to six months before your deal ends. This gives you time to lock in a rate without rushing.
- Don't just accept your lender's first offer. Always shop around — the difference between rates can easily add up to thousands of pounds over two years.
- Consider using a whole-of-market broker. They can access deals you won't find on the high street and can do a lot of the legwork for you.
- Watch out for fees. A low rate with a high arrangement fee isn't always the winner. Always look at the total cost over the full deal period.
Your mortgage is probably the biggest financial commitment you have, and right now the difference between acting and doing nothing really could be thousands of pounds a year. At TrueSaver, we make it simple to compare mortgage deals and find options that work for your circumstances — without the confusing jargon. Pop over to our mortgage comparison tool today and see what you could save. Remember, even a small saving on your mortgage rate adds up to something really meaningful for your family's budget — and that's exactly what TrueSaver is here to help you find.
