Start preparing about six months before your UK residential fixed-rate mortgage ends. Confirm the exact end date and the lender’s reversion rate, ask about a product transfer, compare the total cost of remortgaging elsewhere, and check when any replacement deal can begin. This lead time lets you compare formal illustrations, resolve affordability questions and avoid being surprised by a move to the lender’s standard variable rate (SVR).
Your best route depends on your balance, repayment type, remaining term, fees, credit and income circumstances, and tolerance for payment changes. No future rate direction is reliable enough to justify waiting or fixing immediately; use the figures on your own lender’s illustration and obtain appropriate guidance for your situation.
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What happens when a fixed mortgage deal ends?
A fixed rate normally applies only for the introductory deal period. When that period expires, your mortgage will generally revert to the lender’s standard variable rate (SVR) unless another deal has been arranged. The SVR can be higher than available fixed or tracker products, so the monthly payment may increase. The exact rate and payment depend on your mortgage contract and the lender’s current terms.
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Check the original mortgage offer, annual statement or online account for the precise expiry date and reversion wording. Ask the lender to confirm in writing:
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- the date the fixed rate stops;
- the SVR or other rate that would apply afterward;
- the payment that would be due on that rate; and
- the date a replacement product would take effect.
Do not assume that an application submitted before expiry automatically prevents SVR payments. A new deal may start on a specified future date, and the lender’s processing rules determine whether any gap occurs.
A six-month preparation timetable
About six months before expiry
- Record the key dates. Write down the fixed-rate end date, the date any early repayment charge (ERC) ends or changes, and the date by which a product-transfer offer must be accepted.
- Ask your current lender for its options. Request the available product-transfer deals, the earliest date you can select one, how long an offer remains valid, and whether a like-for-like alternative can be requested before the new rate starts.
- Build a comparison file. Save the lender’s formal illustration and gather your balance, remaining term, repayment type, current payment and any fees. If you might move lender, begin collecting income, outgoings and identification documents.
- Research the wider market. A broker or comparison website can help identify possible remortgage products, but check what lenders and features it covers and whether the service fits your needs. Treat search results as a starting point, not a guaranteed offer.
MoneyHelper’s direct instruction is: “Set up a diary reminder to start shopping around at least six months before your current fixed or discount deal reverts to the lender’s SVR.”
Three to four months before expiry
Obtain comparable illustrations from your existing lender and, if appropriate, other lenders. Ask each provider to show the interest rate, monthly payment, product fee, valuation and legal costs, ERC, deal length and any restrictions. Confirm whether the quoted payment assumes the same balance, repayment method and term as your current mortgage.
At this stage, check the new deal’s start date and offer-validity period. The Financial Conduct Authority says mortgage offers are generally valid for between three and six months after issue, depending on the lender; the period on your own offer controls. If an offer could expire before your fixed rate ends, ask whether it can be extended or reissued and whether that could change the rate or fees.
One to two months before expiry
Choose the route that works on total cost and risk, then complete any required application. A product transfer may be quick because the lender already holds your mortgage information. A remortgage can involve an affordability assessment, valuation, legal work and requests for evidence of income and spending, so allow time for queries.
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Read the formal offer rather than relying on a headline rate. Check the balance used, term, repayment type, fees added to the loan, overpayment rules, portability and the exact first-payment date. Keep a record of acceptance and ask how the lender will notify you that the new rate is active.
In the final weeks
Confirm that the replacement product is ready to start and that direct-debit amounts will change correctly. Ask what rate applies if completion is delayed. If you expect a period on the SVR, budget for the stated payment and clarify whether the lender will collect a part-month amount or make another adjustment.
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Accurate information makes comparisons meaningful and reduces last-minute delays. Assemble:
- the current mortgage balance and repayment type (repayment or interest-only);
- the remaining term and any planned term change;
- the fixed-rate end date and ERC schedule;
- recent payslips, accounts or other income evidence if a new lender may require it;
- regular household spending, credit commitments and childcare or support costs;
- details of other borrowing and any missed or late payments; and
- information about the property, including tenure, value evidence and buildings insurance where requested.
Check that the balance in each illustration is comparable. A lower payment may simply reflect a longer term, while a higher payment may result from fees being paid upfront rather than added to the mortgage. If you want additional borrowing, debt consolidation, a different repayment type or a term change, state that at the outset; those requests can alter eligibility and assessment requirements.
Product transfer or remortgage: the two routes
A product transfer replaces your current deal with another product from the same lender. A remortgage repays the existing mortgage and takes a new one with a different lender. Neither route is automatically cheaper.
| Issue | Product transfer with current lender | Remortgage to another lender |
|---|---|---|
| Application scope | Usually keeps the existing borrowing and property security in place. | Creates a new mortgage and requires the new lender to accept the property and borrower. |
| Affordability assessment | An up-to-date borrower switching without extra borrowing will generally not need a new assessment, although exceptions and lender rules apply. | Generally involves an affordability assessment and supporting evidence. |
| Costs | May have a product fee and other charges stated in the illustration; legal and valuation work may be limited. | May include product, legal, valuation, broker or administration costs, some of which can be covered by the lender and some of which may not. |
| Choice | Limited to that lender’s available products and criteria. | Access to products from lenders for which you qualify, subject to their criteria and market coverage. |
| Timing | Can be simpler, but the selected product still has an acceptance deadline and a defined start date. | Needs time for underwriting, valuation, legal completion and transfer of the mortgage. |
| When terms change | Extra borrowing, a term change or other material amendment may trigger further checks. | Any requested change is assessed under the new lender’s rules. |
Ask the current lender for a like-for-like transfer quote even if you expect to move. That gives you a concrete benchmark for comparing an outside offer and reveals whether staying avoids costs that would otherwise outweigh a lower rate.
Compare the total cost, not just the rate
Use a single comparison period, such as the initial deal length, and include every cost that applies. A lower headline rate can be more expensive after a large product fee; a fee-free product can carry a higher rate. Compare the payment and the balance that would remain at the end of the period, not just the first month.
| Cost or feature | What to check |
|---|---|
| Interest rate | Fixed, tracker or other variable rate; the reference rate, margin and date on which it can change. |
| Monthly payment | Payment on the quoted balance, term and repayment type; ask how it could change after the initial deal. |
| Product fee | Amount, payment date and whether adding it to the loan causes interest to be charged on the fee. |
| Valuation and legal costs | Whether the lender pays them, limits the service, or requires you to pay separately. |
| Early repayment charge | Amount, percentage and dates; include an ERC on the existing loan if moving before it expires. |
| Deal length | How long the initial rate lasts and what rate applies afterward. |
| Overpayments | Annual allowance, minimum payment and any charge for exceeding it. |
| Portability and restrictions | Whether the product can move with you and whether conditions limit future changes. |
Ask for the lender’s formal illustration and terms for each serious option. They show assumptions and charges more reliably than an advert or calculator. Keep the illustrations dated because rates, fees and eligibility can change before you accept.
When does an affordability check apply?
The distinction between a same-lender switch and a new-lender application matters. An up-to-date borrower making a like-for-like product transfer will generally not undergo a fresh affordability assessment. This is not an unconditional exemption: asking to borrow more, changing significant terms or falling outside the lender’s criteria can lead to further checks.
A remortgage to a different lender generally requires an affordability assessment. The lender will examine income, spending, debts, credit history, property value and the requested term. A lower payment shown in an online quote does not mean you will pass that assessment.
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Tell the lender or broker about any expected income change, employment change, parental leave, illness, self-employment variation or new credit commitment. Concealing a change can delay or invalidate an application. If affordability is tight, request a product-transfer illustration first and ask what support or term options are available before submitting multiple applications.
What the 2026 Mortgage Charter does—and does not—promise
The 2026 Mortgage Charter says participating lenders commit to support certain customers who are up to date with payments by allowing a switch at the end of a fixed deal without another affordability check. The government describes the participating lenders as covering 97% of the mortgage market, subject to the Charter’s conditions. That figure is not a guarantee that every borrower or lender qualifies.
The commitment has important limits. It applies to eligible customers of participating lenders, requires the borrower to be up to date, and is not a universal right. The Charter excludes buy-to-let mortgages. Conditions also cover situations such as seeking additional borrowing or making certain term changes, which can take a case outside the commitment.
Ask your lender whether the Charter applies to your specific mortgage, payment history and requested change. Do not assume that a broker, comparison site or another lender can confer Charter eligibility.
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Choose between fixed and variable options based on your budget
A fixed rate keeps the contractual interest rate and scheduled payment unchanged during the fixed period, subject to the mortgage’s terms. This can make budgeting easier, but you may pay an ERC if you repay or switch early and you may not benefit if rates fall.
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A variable option can change when the lender changes its rate or when a reference rate moves. It may offer flexibility or a lower initial rate, but your payment can rise. Stress-test your household budget using the lender’s stated payment scenarios and a higher payment you could realistically sustain. Do not base the decision on a prediction that rates will rise or fall; the available evidence cannot establish a dependable future path for an individual borrower.
If the new payment may be unaffordable
Contact the lender as soon as you see a problem, before missing a payment. Explain your income, essential spending and the date the fixed rate ends. Ask which options apply to your mortgage, such as a product transfer, a term discussion or temporary support, and request written details of any effect on interest, balance, credit reporting or future flexibility.
MoneyHelper advises speaking to the lender or a broker when changing mortgage costs are worrying. Free debt advice may also help you prepare a realistic budget and prioritise payments. Avoid taking expensive unsecured credit simply to cover a higher mortgage payment without understanding the long-term cost.
If you are already behind, say so immediately. Do not wait for an offer deadline or assume that a remortgage will be available; arrears can affect eligibility and may require a different support process.
Common mistakes to avoid
- Starting too late: waiting until the final weeks can leave no time for underwriting, legal work or correcting documents.
- Comparing rates only: ignoring product fees, ERCs and the balance after the deal can reverse the apparent saving.
- Assuming a quote is guaranteed: an online result is not a formal offer and may expire or change before acceptance.
- Overlooking the start date: an accepted deal may begin after the fixed period, creating SVR exposure.
- Assuming a same-lender switch always avoids checks: extra borrowing or changed terms can trigger affordability assessment.
- Using the wrong balance: illustrations based on different terms or repayment types are not like-for-like.
- Ignoring restrictions: overpayment limits, portability conditions and ERC dates affect future plans.
- Treating Charter coverage as universal: eligibility depends on lender participation and the stated conditions, and buy-to-let is excluded.
A practical decision checklist
- Confirm the fixed-rate end date, SVR and estimated payment with the current lender.
- Record the ERC schedule and any deadline for selecting a replacement.
- Request a same-lender product-transfer illustration using your actual balance and term.
- Gather documents and research remortgage options if a move could be suitable.
- Compare rate, payment, fees, ERC, deal length, flexibility and post-deal rate over the same period.
- Check whether additional borrowing or term changes alter affordability requirements.
- Verify the offer’s validity period and the exact date the new rate starts.
- Ask early about support if the projected payment is difficult, and confirm any Charter conditions.
- Keep the accepted offer, illustration and payment-change confirmation with your mortgage records.
This process gives you time to make a deliberate choice rather than defaulting to the SVR. The final decision should follow the formal terms for your mortgage and a budget that remains workable if rates or household circumstances change.
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