What happens when your fixed-rate mortgage ends?

When your fixed-rate mortgage ends, your mortgage itself doesn’t end. The fixed interest rate expires. Unless you’ve arranged another deal, you’ll normally move onto your lender’s reversion rate, often its Standard Variable Rate (SVR). Because that rate may differ from your current rate, your monthly repayments could go up or down.

You can usually stay on the reversion rate, take another deal with your existing lender, or remortgage to another lender.

What happens at the end of a fixed-rate mortgage?

Your mortgage balance and remaining term continue. What changes is the interest rate.

If you haven’t arranged a new deal, your lender will normally apply its contractual reversion rate. The FCA explains that this is often an SVR, but it can be another type of rate.

When someone’s fixed deal is ending, we’d normally start by checking the exact deal-end date, outstanding balance, remaining term, current rate and the rate the mortgage is due to move onto.

What is a Standard Variable Rate?

SVR stands for Standard Variable Rate. It’s a variable interest rate set by the lender, which can change over time.

It doesn’t necessarily move directly in line with the Bank of England base rate, and it isn’t automatically the most expensive mortgage available. Some lenders use another type of reversion rate instead.

Will your mortgage payment go up when your fixed rate ends?

It depends on your outstanding balance, remaining term, repayment type and the difference between your current and new interest rates.

When we review an expiring deal, one of the first things we’d do is compare the current payment with the estimated payment at the rate the mortgage could move onto. This gives a more useful picture than comparing two interest-rate percentages alone.

You can use our mortgage rate change calculator to estimate how a different rate could affect your monthly repayments.

What can you do when your fixed mortgage deal ends?

Stay on your lender’s reversion rate

You can generally remain on the reversion rate. Your payment may change and, because the rate is variable, it could change again later. You can normally still review other deals afterwards.

Take a new deal with your existing lender

Taking another mortgage product from the same lender is usually called a product transfer.

A straightforward product transfer can involve a simpler process and fewer checks in some circumstances. However, you’re limited to that lender’s available products, and changing the mortgage term, repayment type or borrowing amount can change the process.

We wouldn’t assume staying with your current lender is automatically cheaper, but we wouldn’t rule it out either.

Remortgage to another lender

Remortgaging means replacing your existing mortgage with one from another lender.

The new lender will generally assess the application against its current criteria, including affordability, income, credit history, the property and loan-to-value.

You can explore our remortgage options, or use our remortgage calculator when comparing potential repayments.

Speak to your lender if you’re worried about the payments

If your next payment looks unaffordable, contact your lender early. Simply speaking to your lender about payment concerns does not itself affect your credit file.

Option	What it means	What to consider
Reversion rate/SVR	Stay without arranging another product	The rate and your payments can change
Product transfer	Take a new product from your current lender	Potentially simpler, but limited to that lender’s products
Remortgage	Move your mortgage to another lender	Eligibility, affordability, fees and other costs need considering

When should you start looking for your next mortgage deal?

You don’t need to wait until your fixed rate has ended. It usually makes sense to start reviewing your position several months beforehand.

Under the Mortgage Charter 2026, customers approaching the end of a fixed deal with participating lenders can have the opportunity to lock in a new deal up to six months ahead.

However, six months is the maximum under the Charter, not a universal switching window. Lenders use different timeframes, commonly around three to four months in several major-lender cases. We’d check the rules for your existing mortgage rather than assume one timeframe applies to everyone.

Can you switch before your fixed rate ends?

Potentially, yes. The main issue is whether an early repayment charge applies.

Depending on your mortgage terms, switching before the charge period ends can trigger a cost. Some lenders provide an early-repayment-charge-free switching window close to the end of a deal, but the rules vary.

We’d normally check the early repayment charge first. A lower new rate doesn’t necessarily outweigh the cost of leaving the existing deal early.

Product transfer or remortgage: what’s the difference?

A product transfer means choosing another mortgage product from your existing lender. A remortgage means moving your mortgage to another lender.

We’d usually compare both where appropriate rather than assume one route is better. Rates, fees, eligibility and overall mortgage costs all matter.

What would we check when your fixed mortgage is ending?

We wouldn’t look at the expiring rate in isolation. We’d normally check:

• Your deal-end date, current rate and monthly payment
• Your outstanding balance and remaining term
• The reversion rate and any early repayment charge
• Your estimated property value and loan-to-value
• Changes to your income, employment, debts or credit history
• Whether you want to borrow more, change the term or move home

Something such as becoming self-employed, taking on new borrowing or planning to move could affect which options make sense.

Can extending your mortgage term reduce your payments?

Potentially. Repaying the mortgage over a longer period can reduce the amount due each month.

However, a lower monthly payment doesn’t necessarily mean lower borrowing costs. Extending the term can mean paying interest for longer and increasing the total amount you repay.

What happens if you do nothing?

Your mortgage continues and normally moves onto its contractual reversion rate when the fixed period ends. Your payment may then be recalculated.

You can generally still consider another product or lender afterwards, subject to your mortgage terms and eligibility.

What if you’re worried about affording your next mortgage payment?

Contact your lender early rather than waiting until payments have been missed.

Support depends on your circumstances. For eligible customers of participating Mortgage Charter lenders, options can include temporarily moving to interest-only payments or extending the mortgage term.

These options can reduce payments in the short term, but may increase the overall cost of the mortgage.

How can a mortgage broker help when your fixed rate is ending?

A mortgage broker can check your deal-end and early repayment charge position, estimate how your payment could change, compare your existing lender’s products with suitable alternatives elsewhere, and consider fees and overall costs.

We’d also look at anything that has changed since the mortgage was arranged rather than treating the expiring interest rate as the only issue.