// Source citations for the factual claims in this guide (kept out of the // rendered tree: flow-level MDX comments break Next scroll-on-navigation). export const sources = [ "All interest rates in this guide are illustrative, not statutory or current market figures. Monthly payments computed with the standard amortisation formula: £220,000 over 22 years at 4.0% = £1,254/mo, at 7.5% = £1,704/mo, at 4.6% = £1,326/mo (verified by calculation, 2026-06-12).", ];

Guide · 4 minute read

What happens when my fixed rate mortgage ends?

Your loan does not end; your rate does. The mortgage automatically rolls onto your lender's standard variable rate (SVR), which is usually far higher than fixed deals, so your monthly payment jumps unless you arrange a new deal first.

The SVR jump, in numbers

The SVR is the lender's default rate for anyone not on a deal. Lenders set it themselves, it can change at any time, and it is consistently priced well above the fixed rates the same lender offers new customers. Nobody is supposed to stay on it; it exists as the holding pen between deals.

Here is what rolling onto it looks like. All rates below are illustrative, chosen to be plausible rather than quoted from any lender:

• £220,000 outstanding, 22 years remaining, fixed at 4.0%: about £1,254 a month.
• Same loan rolled onto an SVR of 7.5%: about £1,704 a month.
• Same loan moved to a new deal at 4.6%: about £1,326 a month.

Doing nothing costs roughly £450 a month more than the old fixed rate, about £5,400 a year, while a new deal at a higher rate than your old one still claws back most of that. You can run your own numbers in the remortgage comparison tool and check the payment for any rate and term with the mortgage repayment calculator.

Exit one: product transfer (stay with your lender)

A product transfer means picking a new fixed or tracker deal from your current lender's range. It is the path of least resistance: usually no affordability check, no new valuation, no solicitor, and it can often complete in days. If your circumstances have worsened since you took the mortgage (lower income, new self-employment, more debt), this route matters, because it does not reopen the underwriting.

The trade-off is choice. You only see one lender's pricing, and existing-customer rates are not always the sharpest on the market. Treat the product transfer quote as your baseline, not your answer.

Exit two: full remortgage (switch lender)

A remortgage moves the loan to a new lender, which means a full application: income checks, affordability assessment, credit search, and a valuation. It takes longer, typically several weeks to a few months, and there may be fees (arrangement fee, legal work, though many remortgage deals include free legals and a free valuation).

The payoff is access to the whole market. If your home has risen in value or you have paid down a chunk of the loan, your loan-to-value band may have improved, and a lower band usually unlocks cheaper rates than your current lender will show you. Remortgaging is also the moment to change the structure: shorten the term, borrow a little more for home improvements, or split the loan. A whole-of-market broker is free or cheap and earns their keep here; just confirm how they are paid.

Exit three: do nothing (deliberately)

Staying on the SVR is expensive as a default but occasionally right as a choice. The SVR has no early repayment charges, so it suits you if you are about to sell, expect a lump sum that will clear most of the loan, or are months from a remortgage you cannot complete yet. As a short, deliberate bridge it is fine. As a state you drift into, it is one of the costlier mistakes in personal finance, and lenders quietly count on it.

The six-month timeline

Most lenders let you lock in a new deal three to six months before your fix ends, and the booked rate usually still lets you switch to a better one if pricing falls before completion. That makes the calendar simple:

1. Six months out: dig out your current balance, remaining term, and the exact end date of the fix. Check your property's rough value to estimate your loan-to-value.
2. Five to six months out: get your lender's product transfer quote, then compare it against the market (yourself or via a broker). Run the contenders through the remortgage tool.
3. Three to four months out: apply. If remortgaging, this leaves slack for valuation and legal work to finish before the fix ends.
4. Completion day: the new deal starts the day the old one ends. No SVR month, no early repayment charge, no gap.

If your fix ends sooner than that, do not panic: a product transfer can still land in time, and even one month on the SVR is a known, capped cost, not a disaster.

One last check before you sign anything: if the new payment would be comfortably affordable, consider keeping the term the same and overpaying instead, or shortening the term outright. The end of a fix is the one moment the whole structure of the loan is on the table.

Common questions

Do I have to remortgage when my fixed rate ends?

No. Nothing forces you to act; the loan simply continues on the lender's standard variable rate. But the SVR is usually far above fixed deals, so doing nothing is normally the most expensive option, suitable only as a short bridge before selling or repaying.

How early can I lock in a new mortgage deal?

Most lenders let you secure a new deal three to six months before your current fix ends, with the new rate starting the day the old one expires. Starting six months out gives you time to compare a product transfer against a full remortgage.

Is a product transfer better than remortgaging?

A product transfer is faster and usually skips affordability checks, which helps if your income has dropped. A full remortgage opens the whole market and can capture a better loan-to-value band. Get the transfer quote first, then see whether the market beats it by enough to justify the paperwork.

What is a standard variable rate (SVR) on a mortgage?

It is the lender's default rate that applies once any fixed or tracker deal ends. The lender sets it and can change it at any time, and it typically sits well above the fixed rates on offer. It carries no early repayment charges, which is its one genuine advantage.

Will my mortgage payment definitely go up when the fix ends?

Not definitely. If you fixed when rates were high and market rates have since fallen, a new deal could cost less than your old one. The payment only jumps for certain if you roll onto the SVR without arranging anything.

Guidance and education, not regulated financial advice.