What Happens When Your Fixed Rate Ends?
Most mortgages are set up with an initial fixed-rate period, often lasting two or five years.
When this period ends, your lender will usually move you onto their Standard Variable Rate (SVR). This rate is often significantly higher than fixed deals available on the market, which means your monthly payments could increase without you doing anything.
Many homeowners only realise this once the change has already happened.
When Should You Start Looking?
The ideal time to start reviewing your mortgage is around 6 months before your current deal ends.
Starting early gives you time to:
- Compare deals across different lenders
- Secure a new rate before your existing one expires
- Avoid automatically moving onto a higher variable rate
- Plan your finances with confidence
Many lenders allow you to secure a new deal several months in advance, which can be extremely useful if interest rates change.
Why Acting Early Matters
Leaving your remortgage until the last minute can limit your options. You may feel rushed, or you might temporarily end up on a higher rate while your new deal is arranged.
By planning ahead, you can:
- Explore the full range of mortgage options available
- Lock in a rate that suits your circumstances
- Reduce financial stress as your current deal approaches its end
What Information Will You Need?
When reviewing remortgage options, a broker will usually look at:
- Your remaining mortgage balance
- The value of your property
- Your current interest rate
- Your income and financial situation
- Your future plans for the property
This information helps determine whether switching lenders, staying with your current lender, or restructuring your mortgage would be most beneficial.
The Bottom Line
Remortgaging doesn’t have to be complicated. In many cases, it can be a straightforward way to ensure your mortgage continues to work for you.
If your fixed deal is ending within the next 6–12 months, now is the perfect time to review your options.
A simple review today could help you avoid higher payments tomorrow.
Contact us on phil@go2-mortgages.co.uk today
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The information contained within was correct at the time of publication but is subject to change
Your home may be repossessed if you do not keep up repayments on your mortgage.
