What to do before your fixed-rate mortgage ends
A fixed-rate mortgage ending is a calendar event, not a sudden one. Decide between a product transfer, a remortgage, or letting the loan revert to the lender's standard variable rate — before the date forces the answer.
Why this matters
Under FCA mortgage conduct rules (MCOB), lenders must tell borrowers in advance when a fixed deal is ending and what the reversion rate will be.
The lender's standard variable rate is typically materially higher than the fixed deal ending. Every month spent on SVR is a quiet cost decision until a new product is taken.
What to check before your fixed-rate mortgage ends
Deal end date
Confirm the exact day the fixed product ends. The day after is when the lender's standard variable rate normally applies.
Lender's standard variable rate (SVR)
Check the current SVR on your mortgage account. SVRs move with the lender's funding costs and are typically higher than the fixed deal ending.
Product transfer offer
Your current lender will usually offer a product transfer (a new fixed or tracker deal on the same loan) without a full affordability reassessment.
Remortgage to a new lender
A remortgage to a different lender is a full new application. Allow several months for valuation, conveyancing and offer issue.
Income, ID and bank statement paperwork
Any remortgage requires up-to-date income evidence and bank statements. Gather these before approaching a broker or lender.
Timing window
When to act
Most remortgage offers in the UK are valid for around six months. Starting the review three-to-six months before the deal end date keeps both the product-transfer and remortgage routes open without time pressure.
Sources
- FCA — Mortgages Conduct of Business sourcebook (MCOB).
- Bank of England — Mortgage lenders' standard variable rate data.
- MoneyHelper — Remortgaging and product transfers.