What to do when your fixed rate ends

When a fixed rate mortgage ends, you do not lose the mortgage itself, only the rate. If you do nothing, you are moved onto your lender's standard variable rate (SVR), which is usually much more expensive than a fixed deal¹. Average SVRs were above 7% as of June 2026, while the average rate on outstanding fixed-rate mortgages was 3.75% in November 2025². That gap is why acting before the fixed period ends matters.

The good news is that you have time. Under the Mortgage Charter, you can lock in a new deal up to six months before your existing fixed rate changes⁴, and your lender should contact you about a new deal around three to six months before the end of the one you have now⁵.

When your fixed rate ends, you move to the lender's standard variable rate

A standard variable rate mortgage is the default rate you are transferred onto when a fixed, tracker or discount deal comes to an end⁸. A fixed-rate mortgage works by charging the same interest rate for an agreed number of years, before reverting to the lender's SVR unless you remortgage⁹. Fixed periods commonly run for two or five years, though three, seven, ten and even fifteen-year terms exist¹⁰.

The SVR is set by the lender and can change at any time, unlike a fixed rate. It tends to be high: average SVRs stood above 7% in June 2026², compared with an average of 3.75% on outstanding fixed-rate mortgages in November 2025³. One offsetting feature is flexibility: SVR mortgages tend not to have an early repayment charge, so you can leave or overpay without a penalty once you are on one⁸.

Your options: stay, switch with your lender or remortgage elsewhere

You are not obliged to accept the SVR. Broadly, there are three routes.

• Do nothing and stay on the SVR. This costs more each month but carries no early repayment charge, so it can suit someone who plans to sell soon or who needs time to sort out their finances⁸.
• Switch to a new deal with your current lender (a product transfer). Under the Mortgage Charter, customers who are up to date with payments can switch to a new deal with their lender at the end of their fixed-rate agreement without a new affordability check¹¹. This is usually the quickest and cheapest route, as there is no property transfer involved.
• Remortgage to a new lender. This means switching from one mortgage to another with a different lender¹². It can take up to three months on top of the time it takes to arrange the deal⁵, and involves legal work, but opens up the whole market.

If money is tight, lenders may also offer options such as moving to an interest-only loan, taking a mortgage payment holiday, or extending the term¹³. Free, impartial help is available from charities such as StepChange and National Debtline if you are struggling to keep up.

Start up to six months before the deal ends

The Mortgage Charter, in place since 10 July 2023, allows you to lock into a deal up to six months before your existing fixed-rate deal changes, and to request a better like-for-like deal up until the new one starts, if one is available⁴. You may apply up to six months before your current rate ends¹⁵.

Your lender should talk to you about a new deal about three to six months before the end of the one you have now⁵, and some send a final redemption statement around six weeks before the term ends¹⁶. Preparing three to four months before the end gives you time to search the market¹⁷, and some lenders recommend starting around three months before the deal ends¹⁸. Starting early costs nothing under the Charter rules and protects you from slipping onto the SVR.

Remortgaging costs: exit, arrangement, valuation and legal fees

Remortgaging is not free, and the fees decide whether it is worth doing. The main costs to check are¹⁹:

The timing rule is simple: consider remortgaging when your fixed rate ends, because any earlier you will usually pay a fee²⁴. Before you start, it is worth finding out what your property is worth, checking how much is left to pay, checking for exit or repayment fees, and comparing rates²⁵.

How to remortgage: documents, checks and timings

The process is similar to applying for a mortgage the first time, but lighter if you stay with the same lender. A typical sequence:

1. Check your position: property value, outstanding balance, and any exit or repayment fees²⁵.
2. Look at what is available, with your current lender and across the market²⁵.
3. Apply. The lender runs affordability checks and a valuation. Remortgage offers are typically only valid for three months, though this varies between lenders⁷.
4. Complete. If you are moving to a new lender, a solicitor or licensed conveyancer handles the Land Registry and title checks and closes the existing mortgage²³. Some remortgages include a free legal package, but this usually means the lender selects the solicitor²⁶. If you are staying with your lender, a solicitor is generally not needed²⁷.

Documents you may need include proof of income and bank statements. Self-employed applicants typically need statements from an accountant, tax return form SA302, plus supporting information such as bank statements and receipts²⁸; some lenders accept two SA302 forms²⁹. If you have a Help to Buy equity loan, a new mortgage offer counts as evidence of how you are repaying it³⁰.

Will a rise in my home's value get me a better rate?

It can. Mortgage pricing is based partly on loan to value: the smaller your loan as a share of your home's worth, the cheaper the deals you will usually be offered. If your home has risen in value since you bought it, or you have paid down the balance, you may drop into a lower loan to value band and qualify for better rates. That is why remortgaging starts with finding out what your property is worth²⁵.

When remortgaging may not be worth it

Remortgaging may not be the right choice if you are tied into an existing deal, your financial position has worsened, or the value of your home has fallen²⁶. Leaving a fixed rate early triggers an early repayment charge²¹, and if your circumstances have changed, a new lender's affordability check may not pass, whereas your own lender can switch you without one under the Mortgage Charter¹¹. A lower valuation can also push you into a worse loan to value band than you expected.

For some borrowers, staying put briefly is a deliberate choice. Because the SVR carries no early repayment charge⁸, it can act as a holding position while you sell the home or sort out your finances. If you are worried about affording the higher payments, free help is available from StepChange, National Debtline and Independent Age, and lenders have options such as interest-only periods or term extensions¹³.