Start comparing before your fixed-rate period expires. Ask your current lender for its product-transfer offers, obtain comparable remortgage illustrations from other lenders, and judge each offer on total cost, not the headline rate alone. Use the same balance and remaining term for every quote, include every fee and early-repayment charge, and check the rate you will pay if you take no action.
The right choice depends on your actual offers, eligibility, plans for the property and how long you expect to keep the new deal. A lower rate can still cost more once a product fee is added, while a convenient product transfer can be less suitable if another lender offers materially better terms.
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What happens when a fixed-rate mortgage ends?
A fixed-rate mortgage keeps the interest rate unchanged for an agreed period, such as two, three or five years. On the stated end date, that fixed rate normally stops applying. If you have not arranged another deal, your mortgage may move to the lender’s standard variable rate (SVR), or another rate specified in your mortgage terms. The payment can then change when the lender changes that rate.
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- the exact date the fixed rate ends;
- the date a replacement deal would begin; and
- the interest rate and estimated payment if you do nothing.
Do not assume the new payment will start on the day after your fixed period. Some lenders allow a replacement product to begin at the end of the existing deal, while the timing of an application, offer and completion can differ for a remortgage.
When should you start comparing?
MoneyHelper says borrowers can start reviewing options up to six months before the current fixed deal ends. That is planning guidance, not a promise that every lender will publish a suitable product or hold a rate for six months. Rates, fees and lending criteria can change, so treat an early illustration as a snapshot and obtain a current written offer before committing.
The Mortgage Charter published by HM Treasury on 26 March 2026 says signatory lenders will give approaching customers an opportunity to lock in a deal up to six months ahead, subject to the Charter’s scope and the lender’s participation. The provision is not a universal rule for every lender or borrower. Confirm whether your lender has signed the Charter and whether you meet its conditions.
A practical timetable
- Six months before expiry: confirm your end date, outstanding balance, remaining term and any early repayment charge (ERC). Ask the current lender when its product-transfer products can be reserved.
- Three to four months before expiry: collect a current-lender illustration and comparable remortgage illustrations. Check affordability, valuation and legal requirements for a move to another lender.
- Before accepting: compare total costs over the period you expect to keep the deal, read the ERC schedule and check what happens if your move or refinance occurs earlier than planned.
- Before the fixed rate expires: make sure the chosen deal is formally arranged and that you know the first payment date and amount.
The two main routes
There are two broad ways to replace a fixed-rate deal. Compare both where they are available rather than assuming one route is automatically cheaper.
| Route | How it works | What to check |
|---|---|---|
| Product transfer | You choose a new interest-rate product with your existing lender, usually without moving the mortgage to a different lender. | Rate, product fee, deal length, ERC schedule, portability, any valuation or administration charge, and whether an affordability assessment is required. |
| Remortgage | You replace the existing mortgage with a new mortgage from another lender. The new lender normally repays the old loan as part of completion. | Rate and all fees, affordability assessment, income and expenditure evidence, valuation and legal work, timing, ERC on the old loan, and the new lender’s flexibility. |
A product transfer can involve a simpler process because the existing lender already holds information about the mortgage. A remortgage may provide a wider choice of products, but a new lender can require a fresh affordability assessment and evidence of income and expenditure. Neither route is inherently better; the numbers and eligibility decide.
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Set one baseline before asking for quotes
Comparisons are only meaningful when every illustration uses the same assumptions. Prepare a short baseline and give it to each lender or adviser:
- the outstanding mortgage balance on the date the new deal is expected to start;
- the remaining repayment term, in years and months;
- whether the mortgage is repayment or interest-only;
- the date the current fixed rate ends;
- the expected start date for the replacement product; and
- any planned overpayment, property move or refinance that could shorten the holding period.
If the balance will fall between the quotation date and the new deal’s start, ask for an updated illustration. Do not compare one quote using today’s balance with another using a projected balance unless you deliberately adjust the figures yourself.
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Record the following for every offer. Ask the lender to identify whether each amount is payable upfront, added to the loan or paid by the lender.
| Item | Why it matters |
|---|---|
| Initial interest rate and fixed period | Determines the payment during the introductory period. A lower rate may be paired with a larger fee or a shorter fixed period. |
| Monthly payment | Shows the cash-flow effect during the deal. Confirm the payment is based on the same balance, term and repayment type. |
| Product or arrangement fee | Can outweigh a small rate reduction. If added to the loan, it also attracts interest. |
| Booking, account or administration charges | Some products charge additional fees, so include them rather than relying only on the product fee. |
| Legal and valuation costs | A remortgage may require legal work or a valuation. Check whether the lender pays these costs, provides a contribution or leaves them to you. |
| Cashback or lender-paid costs | Deduct genuine credits from the cost, but check when they are paid and whether conditions apply. |
| Early repayment charge | Applies to the existing mortgage or the new product if you repay, refinance or move during the relevant period. Use the actual schedule, not a generic percentage. |
| Exit or administration charge | The current lender may charge for closing or transferring the mortgage. Include it in a remortgage calculation. |
| Interest on financed fees | A fee added to the loan increases the balance and can increase interest over the remaining term. |
| Rate after the fixed period | Useful when comparing deal lengths and the risk of a later payment change. Ask what rate would apply after the introductory period. |
Ask whether an upfront booking or application fee is refundable if the mortgage does not proceed. A fee that is described as “free” may instead be covered by a higher rate, so compare the combined cost.
A worked example: why the lowest rate can cost more
MoneyHelper gives an illustrative example using a £200,000 repayment mortgage over 20 years. It is a worked calculation under that page’s assumptions, not a live quote, a typical result or a prediction for your mortgage.
| Illustrative option | Rate | Product fee | Monthly payment | Total mortgage cost |
|---|---|---|---|---|
| A | 4.5% | £0 | £1,256 | £303,572 |
| B | 4.4% | £2,000 added to the mortgage | £1,267 | £304,102 |
Option B has the lower advertised rate but the higher payment and total cost in this illustration because the fee is financed and the calculation includes its interest. Your break-even point can be different: it depends on the balance, term, fee, rate difference and how long you retain the product.
Calculate a realistic holding-period cost
For each offer, calculate the interest and fees you expect to incur before the next likely event: the end of the fixed period, a planned move, an expected refinance or the point at which you would repay the mortgage. Include any ERC that would apply at that point. A product with the lowest full-term cost may not be cheapest over a short holding period if its upfront fee is large.
Use APRC, but understand its assumption
The annual percentage rate of charge (APRC) expresses the annualised cost of a mortgage, including fees and charges, under a standardised calculation. It is useful for comparing offers on a like-for-like basis, particularly when fees differ.
APRC assumes the mortgage continues for the full term under the calculation’s stated assumptions. If you expect to move, repay early or refinance when the fixed period ends, that full-term number may not match your real cost. Use the APRC alongside a calculation for your expected holding period, and include the relevant ERC and exit costs in that shorter calculation.
Check flexibility before choosing a deal
Early repayment charges
Read the ERC schedule for both the existing and proposed mortgages. It may reduce over time, end on a specified date or apply only to certain forms of repayment. Ask how the charge is calculated if you make a large overpayment, sell the property, switch products or refinance before the fixed period ends.
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Portability if you may move
A portable mortgage may allow you to transfer the borrowing to a new property, but porting is subject to the lender’s terms and is not automatic. The new property and your circumstances may need to satisfy lending criteria, and additional borrowing may be priced separately. Compare the cost of porting with repaying the old loan and arranging a new one, including any ERC.
Overpayments and payment flexibility
Check the permitted overpayment amount, any charge for exceeding it and whether the product allows payment holidays or changes to the repayment date. These features are only valuable if they match your plans; do not pay a higher rate for flexibility you are unlikely to use.
Eligibility and affordability can change the result
A remortgage to a different lender commonly involves a new affordability assessment. You may be asked for payslips, accounts, bank statements, details of regular spending and information about dependants or other debts. The lender will also check its own criteria for loan-to-value, property type, income and credit history.
Some existing-lender product transfers may use a simpler process. Under the 2026 Mortgage Charter, signatory lenders committed to offer up-to-date customers a new deal with their existing lender at the end of a fixed-rate deal without another affordability check. The provision applies only within the Charter’s scope: it is not a blanket exemption for every borrower, every lender or a remortgage to a different lender. Confirm that your payments are up to date, your lender is a signatory and the proposed switch qualifies.
A rate that looks cheaper on a comparison table is not a usable option if you do not meet the lender’s criteria. Obtain a decision or formal illustration before treating a saving as real.
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What if the payment is becoming unaffordable?
Contact your current lender as soon as you are concerned about the future payment. Explain the change in circumstances and ask what support or alternative products are available. Delaying contact can reduce the time available to arrange a solution before the fixed period ends.
Compare any support arrangement with a new mortgage on its actual cost and consequences. A temporary change to payments may affect the balance, term or future interest, while a new product may involve fees and an affordability assessment. Keep records of what the lender offers and the dates on which each option would take effect.
Step-by-step comparison process
- Confirm the existing deal. Obtain the fixed-rate end date, outstanding balance, remaining term, repayment type, ERC schedule and the rate that would apply if you take no action.
- Set the comparison assumptions. Use one balance, term and expected start date for every illustration. Note any likely move, overpayment or refinance date.
- Request a product-transfer illustration. Ask the current lender for all relevant fixed-rate options, their fees, payment, ERC schedule and any portability terms.
- Obtain remortgage illustrations. Use current written offers from other lenders or a regulated adviser. Ask what evidence, valuation and legal work are required and whether costs are paid or reimbursed.
- Build a cost sheet. Enter the rate, fixed period, monthly payment, every fee, cashback, financed-fee interest, ERC and exit charge. Keep upfront and financed costs separate.
- Calculate two horizons. Compare the full-term figures shown on the illustrations and your estimated cost over the period you expect to keep the deal.
- Test the practical fit. Check affordability, portability, overpayment rules, the post-fixed rate and the consequences of repaying early.
- Verify timing. Confirm the offer’s expiry, the reservation period, completion date and the first payment. Make sure the new deal starts before the old fixed rate ends if that is the intention.
- Recheck before completion. Rates, balances and fees can change. Ask for a final illustration and confirm that no ERC or unexpected charge has been introduced.
A decision framework for the final choice
Choose the product-transfer route when its total cost is competitive for your expected holding period, its payment fits your budget and the simpler process or Charter treatment has meaningful value. Choose a remortgage when the available saving after all costs is substantial enough to justify the application, the new lender accepts your circumstances and its flexibility suits your plans.
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Before accepting, answer these questions in writing:
- What is the total cost until I expect to next change or repay the mortgage?
- What would I pay if I did nothing, and on what date would that payment change?
- How much cash must I pay upfront, and what happens to any fee added to the loan?
- Could an ERC or loss of portability matter if I move or refinance?
- Have I passed the relevant affordability and eligibility checks?
- When does the chosen rate become effective, and what is the first payment?
Keep the illustrations and your calculations. If a fee, rate or date is unclear, ask the lender to confirm it in writing rather than relying on a verbal summary.
Common comparison mistakes
- Looking only at the headline rate: a lower rate can be offset by a product fee, financed-fee interest or legal and valuation costs.
- Ignoring the no-action rate: the payment can rise when the mortgage reverts to the lender’s SVR or other contractual rate.
- Mixing assumptions: comparing different balances, terms or start dates creates a misleading result.
- Using APRC as a personal forecast: APRC assumes the mortgage runs for the full term, which may not reflect a move or early refinance.
- Forgetting the old ERC: a remortgage completed before the fixed period ends can trigger a charge that changes the economics.
- Assuming portability: a portable product still depends on lender terms, the new property and your circumstances.
- Assuming the Mortgage Charter applies automatically: check signatory status, payment status and whether the switch is with the existing lender.
- Waiting until the end date: late action can leave less time to arrange a deal or investigate an affordability problem.
- Treating an illustration as guaranteed: rates, criteria and fees can change before completion, so verify the final offer.
Bottom line
Start up to six months before the fixed rate ends, compare your lender’s product transfer with a remortgage, and use identical assumptions for every quote. Judge the offers on total cost over your realistic holding period, including fees, financed-fee interest, ERCs and exit costs. Then check affordability, flexibility, portability and the rate you would pay if you did nothing. The lowest rate is only the best deal when it remains the lowest-cost, workable option after all of those checks.
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