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Start reviewing your mortgage about six months before the fixed period expires. Obtain a product-transfer quote from your current lender and compare it with remortgage offers, then choose on the total cost and suitability for the time you expect to keep the deal—not on the initial rate alone. Check the exact end date, any early-repayment charge and the rate your lender will apply if you do nothing.
Why the six-month window matters
A fixed mortgage does not automatically renew at a competitive rate. If you take no action, your balance normally moves to the lender’s reversion rate, often its standard variable rate (SVR). MoneyHelper and the Financial Conduct Authority (FCA) describe that rate as normally higher than the introductory rate, but the exact figure and payment are lender-specific.
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Beginning early gives you time to compare both routes and to deal with paperwork, valuation or affordability questions. The FCA says a mortgage offer is generally valid for three to six months, depending on the lender. That can allow an application before the old deal expires, with the new deal scheduled to start when the fixed period ends. Confirm the actual validity period and start-date rules with the lender making the offer.
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| When | Action | Why it matters |
|---|---|---|
| About six months before expiry | Confirm the fixed-rate end date, balance, remaining term, current payment, reversion rate and any early-repayment charge. | You need the contract’s dates and costs before comparing alternatives. |
| Four to six months before expiry | Ask the existing lender for product-transfer options and obtain remortgage illustrations from other lenders or an adviser. | Some lenders let you reserve a rate well before completion. |
| Before reserving or applying | Compare fees, incentives, affordability, flexibility and the likely cost over your expected holding period. | A lower rate can cost more once fees or an early exit are included. |
| Before the old deal ends | Complete the chosen switch or confirm the new product’s start date. | Otherwise the balance may move to the lender’s reversion rate. |
Rates, fees and underwriting criteria change. A quote obtained months before expiry may not be the best available on the start date, so ask whether a reserved product can be replaced if a better like-for-like deal appears.
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Collect the numbers that determine your real choice
Ask your current lender for a written statement or illustration containing:
- the precise date the fixed rate ends;
- the outstanding balance and the remaining mortgage term;
- your current interest rate and monthly payment;
- the reversion rate and the expected payment if no new deal is arranged;
- the early-repayment charge (ERC), including the date on which it falls away or reduces; and
- any product-transfer rates, fees, cashback and overpayment terms available to you.
Check whether the balance has changed because of a recent overpayment, payment holiday or arrears arrangement. If you need extra borrowing for renovations, debt consolidation or another purpose, say so at the outset: that can trigger a fuller affordability assessment and may make a simple product transfer unsuitable.
Compare the two ways to replace the deal
Product transfer with the current lender
A product transfer keeps the mortgage with the same lender but moves you to a new fixed, discount or variable product. For a borrower who is up to date with payments, a same-lender switch may avoid a new affordability check, although exceptions apply and the lender still has to follow its own eligibility rules. It can be quicker because there is usually no change of lender, and a new valuation or legal work may not be needed.
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Ask when the lender allows you to reserve a product, whether you can change to a better like-for-like product before the new term begins, and what happens if your circumstances change. Confirm that the quoted rate is available for your property, loan-to-value band and requested term.
Remortgage to another lender
A remortgage replaces the existing loan with a mortgage from a different lender. The new lender will normally assess income, expenditure, credit history, property value and affordability. This route can provide a lower rate, a different term or features your current lender does not offer, but it involves more documentation and may involve legal, valuation or administration costs.
Do not assume that the lowest advertised rate is available to you. Eligibility can depend on loan-to-value, property type, employment, credit commitments and whether you want additional borrowing. Request a personalised illustration rather than relying on a representative example.
| Factor | Product transfer | Remortgage |
|---|---|---|
| Provider | Existing lender | Different lender |
| Affordability | May avoid a new affordability check for an eligible borrower up to date with payments; exceptions apply. | Usually requires a full affordability and credit assessment. |
| Process | Often simpler because the mortgage relationship remains in place. | Requires a new application and transfer of the mortgage debt. |
| Costs to check | Product fee, possible administration charge, cashback and any ERC. | Product fee plus possible legal, valuation and administration costs, incentives and any ERC on the old loan. |
| Extra borrowing | Subject to the lender’s affordability and lending rules. | Included in the new lender’s affordability and loan-to-value assessment. |
| Flexibility | Check overpayment limits, portability and exit charges for the new product. | Compare the new lender’s overpayment, portability and early-repayment terms. |
How to compare mortgage deals
Use the period you realistically expect to keep the new deal as your comparison horizon. A two-year fix that you expect to replace after two years should be compared over those two years, not solely by its annual percentage rate of charge (APRC).
Include every cost and incentive
| Item | What to check | How it affects the decision |
|---|---|---|
| Interest rate and payment | Initial rate, payment amount, and what rate follows the fixed or discount period. | Establishes affordability and the risk of a later payment change. |
| Product or arrangement fee | Amount, payment method and whether it is added to the loan. | Adding a fee means paying interest on it; a fee-free product may have a higher rate. |
| Legal, valuation and administration costs | Which costs the lender pays, which you pay, and whether the offer has conditions. | These can eliminate the apparent advantage of a lower rate. |
| Cashback or other incentives | Amount, payment date and any requirement to remain on the product. | Value the incentive only if you will receive it and can meet its conditions. |
| Early-repayment charges | Percentage or fixed amount, dates when it changes, and whether it applies to overpayments or a full redemption. | An exit charge can outweigh a rate saving if you move or refinance early. |
| Overpayment allowance | Annual percentage or amount you may overpay without a charge. | Important if you expect a bonus, inheritance or regular overpayments. |
| Portability and transfer rules | Whether the mortgage can move with you and whether a new affordability test applies. | Relevant if you may sell or move during the deal. |
APRC incorporates fees and charges on the assumption that the mortgage is held for its full term. It is useful context for comparing products on a common basis, but it may not describe your actual cost if you intend to move, refinance or sell before that term ends. Add the costs that apply to your expected holding period and compare the resulting total with your affordable monthly payment.
Fixed certainty versus variable exposure
A fixed rate gives payment certainty for the agreed period, which can be valuable if your budget has little room for an increase. A discount or tracker rate may start lower but can change when the lender’s underlying rate changes. Ask for the payment at the quoted rate and model whether you could still afford it after a plausible increase; the lender’s illustration and affordability test are not a guarantee that your own budget will remain comfortable.
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Step-by-step: a reliable switching process
- Mark the expiry date. Put the date in your calendar and note the date on which any ERC ends or changes. Do not rely on the month shown in an online account if the formal offer or mortgage conditions state a specific day.
- Request the current lender’s options. Ask for all product-transfer rates for the term and repayment type you need, the reservation deadline, fees, cashback, overpayment limits and the exact reversion rate. Ask whether a later, better like-for-like product can replace a reserved one.
- Prepare your financial information. Gather payslips or accounts, bank statements, details of credit commitments, property information and evidence of any income changes. This is essential if you remortgage or request extra borrowing.
- Obtain outside comparisons. Approach several lenders directly or use a mortgage adviser who can search the market. Ask each source for the total fees, incentives, rate period, payment, ERC and eligibility assumptions, not just the headline rate.
- Check affordability at the quoted payment. Include council tax, insurance, utilities, childcare, commuting, other debt payments and likely changes in income. A product that passes a lender’s test can still be uncomfortable for your household budget.
- Calculate the expected holding-period cost. Add interest and mandatory fees, subtract incentives you are certain to receive, and include any cost of exiting the existing deal. Compare like-for-like balance, term and repayment type.
- Check timing and rate validity. Confirm the offer’s expiry date, the earliest completion date and whether the rate can be changed before completion. Make sure the new deal starts when the old fixed rate ends unless you have deliberately accepted an overlap and its cost.
- Apply and monitor the case. Supply documents promptly, answer valuation or underwriting questions and retain the formal offer. If the lender’s criteria or your circumstances change, ask how that affects the product before completion.
- Recheck the final terms. Before signing, verify the rate, balance, term, fees, ERC schedule, overpayment rules and the payment shown in the offer. Keep confirmation of the completion date.
Can you remortgage early?
You can apply before the fixed period ends, but repaying the existing mortgage early may trigger an ERC. The charge is set by your contract and can be a percentage of the balance or a specified amount; it may reduce on set dates and disappear at the end of the deal. Obtain the lender’s exact redemption figure for the date you would repay rather than estimating it from an old statement.
An early switch can still make financial sense if the new rate and other savings exceed the ERC and transaction costs over the period you will keep the new mortgage. Compare the cost of completing early with the cost of waiting until the ERC ends and moving then. A lender may allow an application or rate reservation before expiry while scheduling completion for the end of the fixed period, but its offer and validity rules control what is possible.
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The Mortgage Charter published by HM Treasury on GOV.UK on 26 March 2026 states: “Customers approaching the end of a fixed rate deal will have the chance to lock in a deal up to six months ahead and manage their new deal and request a better like for like deal with their lender right up until their new term starts, if one is available.”
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This is a conditional commitment by participating lenders, not a universal right against every lender. The no-new-affordability-check switch is described for eligible customers who are up to date with payments and is subject to the Charter’s conditions. Confirm that your lender participates, that you qualify and that the current rules still apply to your case. The Charter does not remove an ERC that applies under your mortgage contract or guarantee that a cheaper product will become available.
If you do nothing: the reversion rate
At expiry, the mortgage normally moves to the lender’s reversion rate, often the SVR. Ask the lender for the exact rate and projected payment in writing. The payment can be materially higher than during the fixed period, and the rate can move after the switch. If an application is delayed, contact the lender before the fixed period ends rather than allowing the account to drift onto the reversion rate without a plan.
If payments are becoming difficult
Contact the lender as soon as you think the new payment may be unaffordable. FCA guidance says lenders should discuss support with customers. Possible arrangements, eligibility and the effect on your credit file depend on your circumstances and the agreement reached, so ask the lender to explain those consequences before accepting a change. Do not stop payments or cancel a direct debit without an agreed alternative.
What the FCA’s historical saving estimate does—and does not—tell you
In a 2022 update, the FCA estimated that 370,000 borrowers on reversion rates in the second half of 2021 could save an average of £1,240 a year for two years by switching to a two-year fixed rate. That was a historical estimate based on the rates and borrowers assessed at that time, not a current market average or a promise of an individual saving.
The same FCA update said about 190,000 borrowers appeared able to switch but would not save money. That finding is a useful warning: fees, loan size, ERCs, eligibility and the rate available to a particular borrower can reverse the result of a headline-rate comparison.
Common mistakes and how to avoid them
- Waiting until the final weeks: start around six months out so an offer’s validity and legal or valuation work do not force you onto the reversion rate.
- Comparing only the initial rate: include product fees, all transaction costs, incentives, ERCs and the period you expect to keep the deal.
- Assuming a product transfer is automatically cheapest: obtain outside comparisons even when the existing lender offers a quick switch.
- Assuming a remortgage will pass: a new lender can decline after checking income, expenditure, credit history, property value and loan-to-value.
- Ignoring flexibility: check overpayments, portability and the ERC schedule if you may move, receive a lump sum or refinance early.
- Adding a fee without pricing the interest: compare a fee paid upfront with the extra interest created when the fee is added to the mortgage.
- Treating the Mortgage Charter as automatic: verify lender participation and your eligibility, and read the current conditions.
- Using a historical saving as a forecast: the FCA’s 2022 estimate describes an earlier market and cannot predict your saving now.
When an adviser can help
A mortgage adviser or broker can compare available products, explain eligibility and coordinate an application. Ask how the adviser searches, whether the recommendation covers product transfers as well as remortgages, and what fee you pay. You remain responsible for checking that the recommended term, payment, ERCs and flexibility fit your plans; no adviser recommendation can guarantee acceptance or a future rate.
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