Preparing for the End of Your Mortgage Deal

If your mortgage is on a fixed, tracker, or discounted rate, the end of that deal is an important moment. Many mortgages automatically move to your lender's higher payment Standard Variable Rate (SVR) when the introductory period ends.

Preparing early can help you avoid a sudden increase in monthly costs and gives you time to make informed choices about your next mortgage option.

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Preparing for the end of your mortgage deal

What happens when the deal ends?

In most cases, once the fixed or discounted period finishes, your mortgage reverts to the lender's SVR. The SVR can change over time and is set by the lender, which means your payments may not be as predictable as they were during your deal.

Many borrowers coming to the end of a lower fixed-rate deal experience payment shock. That is a noticeable rise in your monthly payment when you move to a higher rate. Even if market rates have improved, if your original deal was at a very low rate, your payments may still increase.

Your options at the end of your deal

When your mortgage deal ends, you typically have four main options:

Option 1: Switch to a new deal with your current lender

A product transfer means switching to a new deal offered by your existing lender.

Why it can be attractive:

Quicker and simpler than a full remortgage
Less paperwork—no new lender underwriting or valuation in many cases

The trade-off:

You're limited to one lender's range, not the whole market
Another lender may offer more competitive pricing or better features
Less flexibility if you want to change your mortgage structure

Option 2: Remortgage to a new lender

A remortgage involves applying for a new mortgage, usually with a different lender.

Why it can be attractive:

Access a wider range of products and potentially better pricing
Choose a different deal length or structure
Review the overall cost once fees and the new rate are considered together
More flexibility to restructure your mortgage if your circumstances have changed

The trade-off:

Remortgaging can take longer (typically 4–8 weeks)
May include additional costs such as legal and valuation fees
Involves a fresh application process with new underwriting

Option 3: Do nothing

If you don't take action, your mortgage will typically move onto the lender's Standard Variable Rate (SVR).

Why SVR can be risky:

SVR is often higher than fixed-rate deals
It can change over time, making budgeting less predictable
You may pay more than necessary in the long run

When it might still be considered:

You expect to repay the mortgage soon
You're confident you can handle potential payment changes
Your circumstances are temporary, and you'll act shortly

However, it's usually better to review your options rather than defaulting to SVR.

Is now a good time to remortgage?

Many homeowners wonder whether to act now or wait. The "right" answer depends on several factors beyond just interest rates.

If your deal is ending soon (less than 6 months), that may seem early, but it's not. Securing a remortgage 6 months early may help you avoid being pushed onto a higher rate. Some lenders allow you to reserve a new deal in advance to reduce risk.

If you have time left (more than 6 months) you can remortgage, but there has to be a good reason as you will likely face financial penalties known as "Early Repayment Charges (ERC).

Don't focus only on the rate—focus on your total outcome

Two people can be offered the same interest rate but end up with different monthly payments because of factors like:

Your loan-to-value (LTV) (how much you owe compared to the property value)
The mortgage term remaining
Whether the deal includes fees
Whether you're switching from a particular deal type

A broker can help you compare options based on what matters to you—repayments, term, and overall cost.

Check early repayment charges (ERCs) and exit fees

If you're on a fixed rate, you may face early repayment charges if you leave the deal before it ends. Under some circumstances, it may be beneficial to pay that fee and remortgage, but it's rare. Your mortgage adviser can help you work this out if you know where you'll be charged an ERC and how much (the ERC breakdown is in your original mortgage offer and ESIS).

How long does a remortgage take?

Timelines vary depending on whether you stay with your current lender or move to a new one:

Product transfer (staying with your current lender) is often quicker—sometimes just a few days.
Full remortgage (switching lenders) commonly takes longer due to underwriting, valuation, and legal work.

In many cases, homeowners plan for around 4–8 weeks, but it's sensible to start earlier if your deal end date is close.

If you want to release equity, timing can be different

If you're looking to borrow more, the process can take longer because the lender will usually require:

A fresh valuation
Affordability checks for the additional borrowing
Legal work to complete the remortgage

If equity release is part of your plan, start early so you don't end up on a higher rate while you're waiting.

Product transfer vs remortgage: how to decide

When comparing options, think in terms of bank vs market:

Product transfer: often easier, but limited to your current lender's range
Remortgage: more work, but potentially more choice, lower cost and flexibility

Your mortgage adviser will compare both options and recommend the best fit.

How to compare your next deal

Mortgage products change frequently, and the "best" option depends on more than just the headline rate.

When comparing, it helps to consider:

the length of the new fixed period (and what happens after it ends)
the total cost including fees
how the repayment amount changes under different interest rate assumptions
whether the deal aligns with your plans (staying put, moving, or making overpayments)

A structured comparison can make it easier to choose a deal that fits your circumstances rather than simply reacting to SVR.

Planning ahead: practical steps to take

Starting your planning several months before your deal ends can reduce stress and help you avoid delays. It also gives you time to compare options properly and avoid rushing into a decision.

1) Review your current mortgage

Check:

What type of deal are you on (fixed/tracker/variable)?
When does it end?
Are there any early repayment charges?
Your current balance and repayment type

2) Clarify your goal

Are you aiming for:

Lower monthly payments?
A shorter term?
Borrowing more?
Switching to a different rate type?

3) Prepare your credit profile

When you apply for a mortgage product—whether with your current lender or a new one—lenders use information from your credit history to assess risk and affordability.

In the months leading up to your deal end date:

Check your credit report early—look for errors or outdated information and correct anything that doesn't look right
Protect your payment history—ensure bills and credit commitments are paid on time
Manage credit card and overdraft balances—high utilisation can be interpreted as increased financial pressure
Avoid unnecessary new credit right before applying—taking out new loans or opening multiple new accounts close to a mortgage application can complicate matters
Make sure you're registered at your current address—being on the electoral register can help lenders verify identity and confirm address details

4) Check your LTV and equity position

Even small changes in property value can affect which deals you can access. As your property value changes and you repay capital, your LTV may move into a band that offers more choice.

5) Compare the full cost

When you're comparing mortgage options, the headline rate is only one part of the picture. Consider the overall cost and the features that affect your day-to-day budget:

Product fees and valuation fees
Cashback or incentives (and whether they affect the true cost)
Early repayment charges (especially if you expect to move again)
Flexibility, such as overpayment allowances and any restrictions

6) Gather documents early

Typical documents include proof of income and identification, plus details of your current mortgage.

7) Review your wider financial "safety net"

The end of a mortgage deal is also a sensible time to review the protection around your home and income. If your circumstances have changed—such as family size, employment, or income—your existing cover may need updating.

The "lock-in" question: fixing for 2 years or 5 years?

At the end of a fixed-rate term, borrowers often weigh the benefits of shorter vs longer fixes.

A shorter fix (2 years) can reduce the time you're locked into a particular rate, but may expose you sooner to future rate changes.
A longer fix (5 years or more) can provide more certainty, which may be valuable if you want protection against potential increases.

The best choice depends on your risk tolerance and likely plans. For example, if you might move or refinance again within the next few years, the length of the fix can become a significant factor.

When circumstances change: why flexibility matters

Your mortgage isn't only about the rate—it's also about how the mortgage fits your life.

If your income, outgoings, or long-term plans have changed since you took your original deal, it may be worth exploring whether you can:

Adjust the mortgage term
Consider interest-only options where applicable
Restructure the mortgage to better match your current situation

A product transfer may not always offer the same flexibility as a remortgage, depending on the lender and your circumstances.

Remortgage FAQs

It depends on the route you take. If you switch deals with the same lender (a product transfer), legal work may be minimal. If you move to a new lender, legal processes are typically required.

On completion, the remortgage funds are used to repay your existing mortgage. The new lender then becomes responsible for collecting your future payments under the new agreement.

It may be possible, but it can affect the options available and the terms you're offered. Specialist lenders may consider cases individually, with outcomes depending on the nature of the credit issues and your overall affordability.

In some situations, borrowers remortgage to borrow additional funds and clear other debts. This can be appropriate where it improves overall affordability, but it also means extending the debt over the mortgage term—so it's important to consider the long-term impact.

Usually, remortgaging does not require a separate deposit because you are not buying a new property. Instead, the key factors are your equity and the lender's LTV requirements.

You can approach lenders directly, but a broker can help you understand which options align with your circumstances and goals, and can support the process from comparison through to application.

End-of-deal checklist

Use this checklist to help you prepare for the end of your mortgage deal:

Review your current mortgage (deal type, end date, ERCs)
Clarify your goal (lower payments, shorter term, borrowing more, etc.)
Check your credit report and correct any errors
Protect your payment history—pay bills on time
Manage credit card and overdraft balances
Avoid new credit applications right before remortgaging
Confirm you're on the electoral register
Check your LTV and equity position
Compare the full cost of options (fees, rates, features)
Consider product transfer vs remortgage
Gather documents (proof of income, ID, current mortgage details)
Review your protection cover (life insurance, income protection, etc.)
Speak to a broker for personalised advice

Remortgage deals by loan-to-value

Your loan-to-value (LTV) is the relationship between your mortgage balance and your property's current value, and it's the single biggest factor in which remortgage rates you'll see. As you pay down your mortgage and (often) as your property value rises, your LTV can improve, unlocking better deals.

Use the tabs below to compare today's lowest true-cost remortgage deals across different LTV bands.