If your fixed rate mortgage deal is coming to an end in the next few months, you're not alone — hundreds of thousands of UK households face the same situation every year. The good news? With a bit of planning, you can avoid being quietly moved onto a much more expensive rate without even realising it. Here's exactly what to do next.
Step 1: Find Out When Your Deal Actually Ends (And Act Early)
This might sound obvious, but you'd be surprised how many people only notice their fixed rate has ended when they see a higher direct debit leaving their account. Check your original mortgage paperwork or log into your lender's online portal to confirm your exact end date.
Here's the key thing — you can usually lock in a new deal up to six months before your current one finishes. That means if your fix ends in October, you could be securing a new rate as early as April. Starting early gives you breathing room to compare properly without any pressure. Use TrueSaver to compare options and see what rates are available to you right now, even before your deal ends.
Step 2: Understand What Happens If You Do Nothing
If your fixed rate ends and you haven't arranged a new deal, your lender will automatically move you onto their Standard Variable Rate — often called an SVR. This is almost always significantly higher than your fixed rate was, and it can change at any time at the lender's discretion.
For example, if you're paying £900 a month on a fix and your lender's SVR pushes that up to £1,150, that's an extra £250 a month — or £3,000 a year — disappearing from your pocket for no good reason. The SVR exists as a default, not as a reward for loyalty. Don't let inertia cost you money. Even if your options feel limited right now, doing something is almost always better than doing nothing.
Take a few minutes to use TrueSaver to compare options — it costs nothing and could save you thousands over the life of your mortgage.
Step 3: Decide Whether to Remortgage, Product Transfer, or Do Both
When your fix ends, you broadly have two routes:
A product transfer means staying with your existing lender but switching to a new deal — usually a new fixed rate. It's often quicker and involves less paperwork because your lender already knows you. There's typically no new affordability check, which can be helpful if your circumstances have changed.
Remortgaging means switching to a completely different lender. This involves more admin — a new application, a valuation, and legal work — but it opens up the whole market to you, which often means better rates. A whole-of-market mortgage adviser can search deals across dozens of lenders on your behalf.
The right answer depends on your situation, your loan-to-value ratio (how much you owe versus what your home is worth), and what deals are available at the time. That's why it pays to compare both options side by side. TrueSaver connects you with FCA-authorised advisers who can do exactly that — for free.
Terry's Top Tips
- Start looking at least 3 to 6 months before your deal ends — most lenders let you lock in a rate in advance, so you're protected even if rates rise before your switch date.
- Know your loan-to-value (LTV) — the lower your LTV, the better the rates you'll typically be offered. If your home has gone up in value, you might be in a better band than you think.
- Don't forget the fees — a deal with a lower interest rate but a hefty arrangement fee might actually cost more overall. Always compare the total cost, not just the headline rate.
- Check your credit report before applying — a quick check with a free service means no nasty surprises when a lender runs their checks on you.
- Use a whole-of-market adviser — they can access deals you won't find by going directly to a lender, and the advice is often free because they're paid by commission from the lender you choose.
Your mortgage is likely your biggest monthly outgoing, and your fixed rate ending is one of the best opportunities you'll get to take control of it. A little bit of effort now could save you hundreds of pounds a month — and thousands over the years ahead. Don't leave it to chance or let your lender decide for you.
Ready to find your best mortgage deal? Get a free quote from an FCA-authorised adviser at TrueSaver — no obligation, takes 2 minutes. Visit truesaver.co.uk/mortgage
